There is this service wtfast that claims it can lower your ping in some games. Is this true? How it works?
Most services that claim to reduce your latency does so through providing a VPN or tunneling service, which routes the path packets take between you and the game server over a supposedly more efficient and shorter route. It also has the advantage of bypassing ISP filters and throttling.
This might sound good on paper, but in practice, it often doesn't live up to expectations. Even though the connection between the service and the game server might be good, it doesn't mean that connection between you and the service is. The service itself also introduces another layer in the network, which might just end up adding more latency to the connection.
Furthermore, shady providers might be sniffing and eavesdropping on your data, since now your connection runs through their servers.
All in all, not a good thing, and I'd advise against.
It works if you look at the user survey http://wtfast.com/surveyresults.aspx and also 3rd party feedback from many sources. They work by improving the route your data takes to get to the game server so you are avoiding bottlenecks and congestion that you might normally experience when you play.