Hello,
I'm looking for a suitable open source project to work on in C++. It really can be anything.
My background is in gaming, on both PC and consoles; but I'd prefer to work on something low latency or real time. I'm also interested in Math stuff.
Do any of you guys have suggestions?
Checkout GitHub and fork a project that interests you. You can also take over projects at SourceForge.net.
You may want to take a look at FlightGear which is an open source flight simulator that is cross-platform software (which does however not run on any console), but it being a flight simulator, it can be surely considered "low latency" or "real time". It is written in C++ and has a number of dependencies such as OpenSceneGraph, PLIB and uses OpenGL for cross platform rendering. There is a fairly comprehensive developers section to be found at their wiki and they have a pretty active community of users and developers posting to their forums, and a dedicated developers mailing list at sourceforge.
There is also a gitorious mirror to get easily started cloning the repositories: http://gitorious.org/fg
Another possibility would be to post to the GameDev.net forums and ask there for further advice.