The 555 timer is an IC (intergrated circurt) which can be used as a timer or oscillator hence the name. The most common type of 555 being the ne555 and lm555 but other variations do exist. This is a common way to portray the 555 in a circurt diagram with the pins labled 1 to 8.
There are two main ways to wire up a 555 timer these include A Stable and Mono stable which you can read about. If you want to experiment with 555 timers you can purchace them cheaply online. Just make sure not to buy the surface mount ones (known as sop-8) unless you want to have a fun time soldering tiny chips.