Ketamine produces dissociative anesthesia and has hypnotic, analgesic, and amnesic effects. It works by binding to NMDA receptors and other sites like opioid receptors. Ketamine has a 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 has various indications like analgesia, anesthesia induction, and improving psychiatric disorders.