Let's talk a bit about ICs first. As said, IC stands for Integrated Circuit. You can use it by connecting the pins of the IC. You can figure out how to connect them by reading the datasheet. The following image is the NE555. An IC has a X number of pins, numbered anti-clockwise starting with the pin left of the notch or closed to a dot.
For more information on what the pins mean see: http://en.wikipedia.org/wiki/555_timer_IC
The following circuit will put the NE555 to use in oscillator mode.
1 x 9V power supply
2 x 680 Ohm resistor (blue gray brown gold)
1 x 1 KOhm resistor (brown black red gold)
1 x 10 KOhm resistor (brown black orange gold)
1 x Elco 35v 100 uF
1 x NE 555 IC
1 x red LED
1 x green LED
That's it for now. I'm on holiday for a few days, so expect new postings next week.