The 555 timer is a versatile integrated circuit that can be used to generate precise timing pulses or oscillations. It can operate from 3-15V and works in either monostable (one-shot) mode to produce a single pulse, or astable (multivibrator) mode to produce a continuous train of pulses. The duration of pulses in monostable mode or frequency in astable mode is determined by external resistor and capacitor values connected to the timer. Common applications include timers, flashing indicators, and pulse generation.