I admit I was pushed over the edge to register because of the competition, however am unlikely to enter it even if I get to 5 posts before it closes. The reason I registered was however because I saw something someone was selling that I was interested in, had it not been for the competition I wouldn't have checked the forum out.
Anyway it's late and I don't feel like giving a quick 555 tutorial right now, maybe tomorrow? This does sound like a homework question and if so you should really show what attempts you have already made so instead of just giving answers you can learn how to solve the problem yourself. Now I recommend reading through a datasheet for the 555 timer.
Here is one from TI:
LM555 NE555and fairchild:
LM555In there you will find example circuits and equations. The fairchild datasheet has better descriptions on how each circuit operates.