Instead of ping use traceroute to see where (which hop) the latency is coming from...I recommend PingPlotter for this, I believe they still offer a free versionQuote from illiquid:
I'm getting regular mini-spikes in ping (30---> 200) every 60 secs or so and am wondering if there is any kind of infection that could cause that? Or is it most likely just the overloaded node (confirmed with time warner) that I'm on?