Delay execution of an action

Perhaps scheduling this for 10 minutes later is a feasible option, or the feature request in #596552: Improve usability of Rules' Queue API integration would be useful.

Marked #1202780: Action "Timer" as a duplicate.

Have either of you figured out how to do this since the creation of this ticket? I have an action that is supposed to be ran when a node is deleted, however it happens too quick to actually work.

The ability to have the execution occur at least 10 seconds after a node is deleted would be great.

Thanks in advanced for any help.

Using the video tutorial here http://drupalize.me/videos/introducing-rules-scheduler, I understand that this is possible using Rules components and scheduling it to be ran at cron. However, I am currently struggling with passing the parameter for deleted nodes.

Yes, this is a simple Scheduler task as @mitchell said in #1. If you're having problems getting that to work, open a new issue, export the Rule you're trying to use, and provided detailed steps to reproduce your problem.