It's often use it as "wait 5 minutes", but it really means "right now" , you need to emphasize it repeating it if you are speaking, or saying after: en este momento! because unfortunately we changed the meaning of that word.

As far as I know, only Mexicans use this expression (though other countries in Central America may use it too). It literally means "little now". They have the tendency of using diminutives when they speak. Another example of that is "merito" (not "mérito"), "mero" is "mere", they "ya merito" meanins "very little soon". In any case... "ahorita" means "soon", "very soon", "immediately". If you go to the store and ask for a bottle of water, the lady may say "ahorita" meaning "right away". I understand that this is the only meaning of this word. But it can also be used in a different way. I also heard it in a sarcastic way. For example: - Juán terminó la casa = Juan finished the house. - Ahorita = it was about time/he should have done it a long time ago. I am not aware of other uses of this word, if there are, maybe Mexicans will be able to shed light on it. I hope this helps.

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