It means the one just before the last.
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It means the second to last or the ine that was right before the last.
It means: not the last one, but the one before the last one.A single word with the same meaning is penultimate.
After the last second of the previous day.
last but one, second to last, one before the last, next to last
If you mean milliseconds, there are 1000 in a second