If you decide you don't want to send an email, you have a short time after to cancel it. Right after you send a message, you can retract it.
and
Choose an amount of time to recall a message
On your computer, go to Gmail.
In the top right, click Settings and again Settings.
Next to "Undo Send," select a Send cancellation period of 5, 10, 20, or 30 seconds.
Google keeps the mails on its servers for the time you specify here. That's how they can actually implement this: they don't immediately send your mail. The default (and minimum) time is 5 seconds.
The mail does not get deleted, you can e.g. edit it and resend.
Note: there are people claiming that in the case of sending mail to another Gmail account, the message is send immediately, because Google "can remove the message from the recipient's inbox."
I have not yet seen proof of that, and I doubt it is true, because it would raise privacy issues.
UPDATE This answer is no longer valid if you don't already have a Google Apps account. Google Apps is no longer free for new signups!! (Thanks to asalamon74 for the update)
If you make a typo or regret sending a message, you can undo the
action by enabling "Undo send." This setting gives you the option to
take back a message you just sent.
To enable Undo Send:
Click the gear in the top right
Select Settings.
Scroll down to "Undo Send" and click Enable.
Set the cancellation period (the amount of time you have to decide if you want to unsend an email).
Click Save Changes at the bottom of the page. If you had Undo Send turned on in Gmail Labs, your Undo Send setting will be on by
default.
Note: To give you time to undo, Gmail delays sending the message for a few seconds. So if you don't select "Undo" within the time
limit, your message will be sent. "Undo send" may not work if you
experience connection issues.
Best Answer
From a Google answers question:
and
Google keeps the mails on its servers for the time you specify here. That's how they can actually implement this: they don't immediately send your mail. The default (and minimum) time is 5 seconds.
The mail does not get deleted, you can e.g. edit it and resend.
Note: there are people claiming that in the case of sending mail to another Gmail account, the message is send immediately, because Google "can remove the message from the recipient's inbox."
I have not yet seen proof of that, and I doubt it is true, because it would raise privacy issues.