A processor is provided that includes an execution unit for executing instructions and a replay system for replaying instructions which have not executed properly. The replay system is coupled to the execution unit and includes a checker for determining whether each instruction has executed properly and a plurality of replay queues or replay queue sections coupled to the checker for temporarily storing one or more instructions for replay. In one embodiment, thread-specific replay queue sections may each be used to store a long latency instruction for each thread until the long latency instruction is ready to be executed (e.g., data for a load instruction has been retrieved from external memory). By storing the long latency instruction and its dependents in a replay queue section for one thread which has stalled, execution resources are made available for improving the speed of execution of other threads which have not stalled.