The elbow can be cocked laterally any time or all the time, including the release (this allows the wrist to be outside of the elbow, which in turn allows the ball to be outside the wrist).
This is a tough call for umpires and players. Without a clear wrist cock, the advantage in speed gained here is minimal. However, it is technicall illegal because the ball is outside the wrist. In addition, it is now very easy to undercut the ball and throw a windmill riser. If I turned the wrist so that the palm is facing the body, then the ball would be inside the wrist and legal in 10-Man.
