Basically, you have to catch it before or during the next dead ball after the clock has run. (This means that shooting a free throw doesn't matter, since the clock is stopped.)
So,
1. An error occurs during a dead ball and clock is stopped.
2. Play continues (ball becomes live) and clock runs.
3. Dead ball.
4. Catch and fix it now or never.
5. Ball becomes live again, it's too late now.
OR
1. An error occurs during a dead ball with the clock running.
2. Play continues (ball becomes live) and the clock continues to run.
3. Dead ball.
4. Catch and fix it now or never.
5. Ball becomes live again, it's too late.
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