From the SRD said:"COUNTERSPELLS It is possible to cast any spell as a counterspell. By doing so, you are using the spell’s energy to disrupt the casting of the same spell by another character. Counterspelling works even if one spell is divine and the other arcane.
How Counterspells Work: To use a counterspell, you must select an opponent as the target of the counterspell. You do this by choosing the ready action. In doing so, you elect to wait to complete your action until your opponent tries to cast a spell. (You may still move your speed, since ready is a standard action.)
If the target of your counterspell tries to cast a spell, make a Spellcraft check (DC 15 + the spell’s level). This check is a free action. If the check succeeds, you correctly identify the opponent’s spell and can attempt to counter it. If the check fails, you can’t do either of these things.
To complete the action, you must then cast the correct spell. As a general rule, a spell can only counter itself. If you are able to cast the same spell and you have it prepared (if you prepare spells), you cast it, altering it slightly to create a counterspell effect. If the target is within range, both spells automatically negate each other with no other results.
Counterspelling Metamagic Spells: Metamagic feats are not taken into account when determining whether a spell can be countered
Specific Exceptions: Some spells specifically counter each other, especially when they have diametrically opposed effects.
Dispel Magic as a Counterspell: You can use dispel magic to counterspell another spellcaster, and you don’t need to identify the spell he or she is casting. However, dispel magic doesn’t always work as a counterspell (see the spell description)."
Rackhir said:However in both situations a penalty to the spellcraft roll needed to identify the spell being cast seems reasonable and could conceivably be high enough to make succeeding in the spellcraft roll impossible.
On the other hand, if the spell was verbal components only and the dispelling character was able to make a spot check in order to localize the invisible caster by sound, then counterspelling would at least be possible.
Under "Counterspells":iwatt said:I don't see anyline in the spellcraft check saying you need to know were the caster is as long as you can detect the spell been cast (from the vocal components for instance).
Under "Aiming a Spell":SRD said:To use a counterspell, you must select an opponent as the target of the counterspell. ... To complete the action, you must then cast the correct spell.
SRD said:You must have a clear line of effect to any target that you cast a spell on or to any space in which you wish to create an effect.
Len said:Under "Counterspells":
Under "Aiming a Spell":
iwatt said:But were does the counterspell happen? in the space were the spell is goin to occur, or were the caster is located?
For example, an imp invis sorc casts fireball. The countering wizard heard the spell (enough to identify it via the spellcraft check). He sees the pellet flying towards the point in space. Isn't this enough to give him a chance to counter it?
Rackhir said:"COUNTERSPELLS It is possible to cast any spell as a counterspell. By doing so, you are using the spell’s energy to disrupt the casting of the same spell by another character. Counterspelling works even if one spell is divine and the other arcane."
One it has been cast. At least according to how this is phrased, it's too late. You are attempting to disrupt the CASTING of the spell. Not the actual spell. Spell casting takes time. in most circumstances spell effects take effect immediately upon the completion of the spell casting.