The 555 timer IC can be used to generate precise time delays from microseconds to hours. It operates from 5-18V and has 8 pins including power, ground, trigger, output, reset and control functions. It can be used in monostable or astable modes. In monostable mode, a single output pulse is produced in response to a trigger. In astable mode, it produces a continuous square wave without a trigger. The 555 timer has applications including timers, pulse generators, oscillators and more.