The LM555 is an integrated circuit used for generating accurate time delays or oscillations. It can be used in monostable or astable configuration. In monostable mode, the time delay is controlled by one resistor and capacitor. In astable mode, the frequency and duty cycle are controlled by two resistors and one capacitor. The circuit can be triggered and reset. The output can source or sink up to 200mA. It has applications in precision timing, pulse generation, and sequential timing.