Actually, if your DAW/software is properly designed, only inverting POLARITY will completely cancel any sound from the two identical (but one channel inverted) tracks.
Sliding one track in time will NEVER cancel out ALL the sound, because each frequency requires a DIFFERENT amount of time slip in order to be 180 degrees out of phase. As you time-slip one track, some frequencies will get louder due to addition of in-phase sounds, while other frequencies will get quieter due to cancellation of out-of-phase sounds. The term normally used for this phenomenon is comb filtering, because the graph of the resultant frequency response looks like the teeth of a comb.
The higher the frequency, the less change in either mic location or track slip is required to cause a noticeable phasing effect. This is because higher frequencies have shorter wavelengths, so it takes less shifting in time to cause that particular frequency to go through a 180 degree phase shift.
The confusion on this subject is so rampant, at least partly by the fact that some console manufacturers and software manufacturers, as well as some seasoned pro's STILL say "phase" when they really mean "polarity" - I still see consoles with the polarity switches labeled "phase", -
The POLARITY switch on an input channel WILL change the PHASE of every frequency at the input by 180 degrees, BUT time-slipping the input in order to cause a 180 degree phase change at a SPECIFIC frequency will NOT change the phase of ALL frequencies by 180 degrees, because the POLARITY switch changes NOTHING in TIME, only POLARITY. Each event in a complex audio signal is STILL happening at exactly the same TIME when you flip POLARITY, it's just going negative instead of positive. Re-read this last paragraph and thing about it -
There, that aughta bring on some spirited discussion... Steve