Ketamine produces dissociative anesthesia and has analgesic, amnesic, and hypnotic effects. It works by binding to NMDA receptors and other sites like opioid receptors. Ketamine has rapid onset after IV or IM administration, with effects seen within 1-5 minutes. It causes increased blood pressure and heart rate by stimulating the sympathetic nervous system. Ketamine can also increase respiratory rate and salivation, dilate pupils, and has short-term side effects like confusion and out of body experiences. It is used for analgesia, anesthesia induction, reversing opioid tolerance, and improving psychiatric conditions in small doses.