Nitrocellulose is a flammable and explosive substance derived from cellulose that is used in paints, coatings, and other applications. The document provides guidance on safely handling, storing, and disposing of nitrocellulose, including keeping it wet to reduce sensitivity, using grounded tools, bonding and grounding containers, storing in original packaging away from heat and sunlight, and properly disposing of any residues. Safety precautions are necessary due to nitrocellulose being flammable when wet and explosive when dry.