Hello Jason,
by using shaping you can cause the traffic to be delayed (buffered) with policing you can cause some packets to be dropped.
There also software WAN emulator you can run over a two NICs PC I used one some years ago.
I was able to emulate latency and drop probability and error rate.
I used to emulate a satellite link.
It was Shunra The Cloud I used a trial version
http://www.shunra.com/download.aspx
there are some SW WAN emulators
for example free
http://snad.ncsl.nist.gov/itg/nistnet/
or dummynet in FreeBSD
Hope to help
Giuseppe