Some latex paints can take up to 3.5 years to outgas toxins; the best paint to use is any paint that has zero VOCs. Pittsburgh Paints, Sherwin Williams, Home Depot and Lowe's all carry zero-VOC coatings. As far as carpet goes, you will have to check with the manufacturer and make sure your installer uses a low- to zero-VOC adhesive.
For more information:
To learn more about low-VOC options, read GreenHomeGuide's Know-How article "Selecting Green Paint."