555 timer ICs are somewhat common among electronics hobbyists. Basically, and i mean very basic, it's an IC that you can set up with a trigger or variable resistor to control the internal timing clock. Someone jump in and correct me if I'm wrong here
It's useful for an automated looping event, such as rapid-fire buttons in a game controller.
I'm not 100% on this, memory's a bit hazy. Maybe there was a crystal in place of a variable resistor. I'm fairly certain you can find these ICs in common electronics stores.
RatShack has them, too! Also their
big brother the 556, which is essentially 2x 555s in one IC.