http://www.anandtech.com/show/2794/2
In order to combat the issues with reading from while drawing to the same buffer, double buffering, at a minimum, is employed. The idea behind double buffering is that the computer only draws to one buffer (called the "back" buffer) and sends the other buffer (called the "front" buffer) to the screen. After the computer finishes drawing the back buffer, the program doing the drawing does something called a buffer "swap." This swap doesn't move anything: swap only changes the names of the two buffers: the front buffer becomes the back buffer and the back buffer becomes the front buffer.
Computer draws to the back, monitor is sent the front.
After a buffer swap, the software can start drawing to the new back buffer and the computer sends the new front buffer to the monitor until the next buffer swap happens. And all is well. Well, almost all anyway.
In this form of double buffering, a swap can happen anytime. That means that while the computer is sending data to the monitor, the swap can occur. When this happens, the rest of the screen is drawn according to what the new front buffer contains.
If the new front buffer is different enough from the old front buffer, a visual artifact known as "tearing" can be seen. This type of problem can be seen often in high framerate FPS games when whipping around a corner as fast as possible. Because of the quick motion, every frame is very different, when a swap happens during drawing the discrepancy is large and can be distracting.
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When it comes to Gt5 when it takes more than 16.67 ms to draw the new image on the back buffer the front buffer is sent again to the monitor to be redrawn. As the front buffer is redrawn for the second time the buffer are swap thus starting the new image part of the way down the screen. (For example if the new image takes 24ms to draw the tear would be near the middle of the screen) With vsync on this will allow the monitor finish redrawing the image before the swap but will drop the frame rate from 60fps to 30 fps.