'Time lapse' is a technique in photography which tries to capture a rather slow event which in its 'regular' course of time does not interest the common eye. Essentially this form of photography involves seeing an event much faster than it occurs in real time. This is achieved by taking successive images of the event at regular intervals of time and later playing them back at a fast rate. This can then be made a little more appealing by adding music or other effects such as playing the sequence in the reverse order of the captured frames.
Details of the above video (for anyone who cares)-
Total frames: 2100
Interval between successive frames: 5 sec
Time elapsed (real time): 175 min
(neglecting the shutter time, which was roughly 1/10 to 1/13 sec - this was entirely for getting a good exposure; although the exposure had to be adjusted afterwards anyway!)
Playback: 33.33 fps; rather each frame is seen for 0.03 sec
The images for this video were mainly taken to test an electronic cable release I recently purchased. I must say this cable release has performed amazingly in this test as well as some other random tests that I did. It has a very intuitive and easy input method and has multiple functions like cable release, timer, intervalometer, bulb exposure etc. At just $20 this is a great accessory for anyone serious about astrophotography or even time lapse for that matter. It's a 3rd party manufacturer by the name "Shoot" - google and amazon are your friends!