To sum this up there are 3 basic components to this equation, Operating system/Drivers/Hardware. The operating system would request a certain action to be carried out to the device using the processor as a means of processing the information being sent this would then communicate with the device driver which allows the operating system and hardware to run with each other, however if the device is not ready and there is an incoming process the device will simply not be able to pursue this action and nothing will happen.
EDIT:
Cyris69
The Device issues a "Wait State"
http://en.wikipedia.org/wiki/Wait_state