IMPORTANT!: For those people that have been asking the question: Is it possible to "Snag" a photo locally and still use the Time Delay option ?.
The answer to this is: Yes, you can... But, you have to do it through the "Print Mode" function. Check/Tick the "Print Mode" checkbox (don't worry you don't have to print anything or even need a printer), then select the amount of time delay from the drop-down list. Now click the "Capture" button and pose, once the image has been captured ignore the "Print" button and click the "Snag" button. After that you can choose to delete the captured frame and snag another, or just exit Print Mode.
A Webcam is required to use this SnapShot application. Click "Allow" on the pop-up within the Flash Player and then select your web-cam device from the drop-down list, then click "Close". Select the Filter/Effect you'd like to use (if any) and a time delay (if any) and click "Snap It" to save the captured image to the server, or "Snag It" to save it directly to your PC (needs Flash Version 10 or higher).
For more information click here; The App Description.
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