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ATP-CP Anaerobic Energy Pathway
The ATP-CP energy pathway (sometimes called the phosphate system) supplies about 10 seconds worth of energy and is used for short bursts of exercise such as a 100 meter sprint. This pathway doesn't require any oxygen to create ATP. It first uses up any ATP stored in the muscle (about 2-3 seconds worth) and then it uses creatine phosphate (CP) to resynthesize ATP until the CP runs out (another 6-8 seconds). After the ATP and CP are used the body will move on to either aerobic or anaerobic metabolism (glycolysis) to continue to create ATP to fuel exercise.
Anaerobic Metabolism - Glycolysis
The anaerobic energy pathway, or glycolysis, creates ATP exclusively from carbohydrates, with lactic acid being a by-product. Anaerobic glycolysis provides energy by the (partial) breakdown of glucose without the need for oxygen. Anaerobic metabolism produces energy for short, high-intensity bursts of activity lasting no more than several minutes before the lactic acid build-up reaches a threshold known as the lactate threshold and muscle pain, burning and fatigue make it difficult to maintain such intensity.

Berkeley -- In the lore of marathoners and extreme
athletes, lactic acid is poison, a waste product that
builds up in the muscles and leads to muscle fatigue,
reduced performance and pain.

Some 30 years of research at the University of California,
Berkeley, however, tells a different story: Lactic acid can be
your friend.

Coaches and athletes don't realize it, says exercise
physiologist George Brooks, UC Berkeley professor of
integrative biology, but endurance training teaches the body
to efficiently use lactic acid as a source of fuel on par with
the carbohydrates stored in muscle tissue and the sugar in
blood. Efficient use of lactic acid, or lactate, not only
prevents lactate build-up, but ekes out more energy from the
body's fuel.

<snip>

He and his UC Berkeley colleagues found that muscle cells use
carbohydrates anaerobically for energy, producing lactate as
a byproduct, but then burn the lactate with oxygen to create
far more energy. The first process, called the glycolytic
pathway, dominates during normal exertion, and the lactate
seeps out of the muscle cells into the blood to be used
elsewhere. During intense exercise, however, the second ramps
up to oxidatively remove the rapidly accumulating lactate and
create more energy.

Training helps people get rid of the lactic acid before it
can build to the point where it causes muscle fatigue, and
at the cellular level, Brooks said, training means growing
the mitochondria in muscle cells. The mitochondria - often
called the powerhouse of the cell - is where lactate is
burned for energy.

"The world's best athletes stay competitive by interval
training," Brooks said, referring to repeated short, but
intense, bouts of exercise. "The intense exercise generates
big lactate loads, and the body adapts by building up
mitochondria to clear lactic acid quickly. If you use it up,
it doesn't accumulate."

To move, muscles need energy in the form of ATP, adenosine
triphosphate. Most people think glucose, a sugar, supplies
this energy, but during intense exercise, it's too little and
too slow as an energy source, forcing muscles to rely on
glycogen, a carbohydrate stored inside muscle cells. For both
fuels, the basic chemical reactions producing ATP and
generating lactate comprise the glycolytic pathway, often
called anaerobic metabolism because no oxygen is needed. This
pathway was thought to be separate from the oxygen-based
oxidative pathway, sometimes called aerobic metabolism, used
to burn lactate and other fuels in the body's tissues.
Lactic Acid Can Be Your Friend -Iinterval Training : ASDLC : Active Low-Carber Forums