We have proposed a design for slow light with ultraflat dispersion in a slotted photonic crystal waveguide consisting of a hexagonal arrangement of elliptical air holes on a silicon-on-insulator substrate. The proposed structure has low group velocity and low group velocity dispersion with a wide normalized bandwidth range of 0.0089. The proposed structure can be used as an optical buffer for the storage of a large amount of data due to the large value of the normalized delay bandwidth product equal to 0.634. An optimized structure for a slotted photonic crystal has been analyzed for its applications as both a time and wavelength division demultiplexer. Furthermore, the time delay between two adjacent wavelengths (1550 and 1555 nm) is more than that reported earlier.