The virtual waiting-time process of Takács is one of the simplest examples of a stochastic process with a continuous state space in continuous time in which jump transitions interrupt periods of deterministic decay. Properties of the process are reviewed, and the transient behaviour examined in detail. Several generalizations of the process are studied. These include two-sided jumps, periodically varying ‘arrival’ rate and the presence of a state-dependent decay rate; the last case is motivated by the properties of soil moisture in hydrology. Throughout, the emphasis is on the derivation of simple interpretable results.