  We present time-resolved and phase-resolved variability studies of an
extensive X-ray high-resolution spectral dataset of the $\delta$ Orionis Aa
binary system. The four observations, obtained with Chandra ACIS HETGS, have a
total exposure time of ~479 ks and provide nearly complete binary phase
coverage. Variability of the total X-ray flux in the range 5-25 $\AA$ is
confirmed, with maximum amplitude of about +/-15% within a single ~125 ks
observation. Periods of 4.76d and 2.04d are found in the total X-ray flux, as
well as an apparent overall increase in flux level throughout the 9-day
observational campaign. Using 40 ks contiguous spectra derived from the
original observations, we investigate variability of emission line parameters
and ratios. Several emission lines are shown to be variable, including S XV, Si
XIII, and Ne IX. For the first time, variations of the X-ray emission line
widths as a function of the binary phase are found in a binary system, with the
smallest widths at phase=0.0 when the secondary $\delta$ Orionis Aa2 is at
inferior conjunction. Using 3D hydrodynamic modeling of the interacting winds,
we relate the emission line width variability to the presence of a wind cavity
created by a wind-wind collision, which is effectively void of embedded wind
shocks and is carved out of the X-ray-producing primary wind, thus producing
phase-locked X-ray variability.
