Patrick,
It sounds like you are on the right track. You need to set up a large buffer. Multiply the number of seconds you want by the frame rate of your camera. Add a second or so extra to the buffer so you have plenty of time to display the image before it gets overwritten.
For a live image, use "IMAQ Status" to get the Last Valid Buffer. Use this value to index your image array to select the image to display. For the delayed image, subtract the number of images for the delay from the Last Valid Buffer. If less than zero, add the number of frames in the buffer. This value will index your image for your delayed display.
Bruce
Bruce Ammons
Ammons Engineering