If you don't understand at least the basics of timecode, you really can't fully understand and appreciate video, at least as we know it today. While reading B&H Photo/Video/Audio's latest email newsletter (i.e., advertising) there was a nice little introduction to timecode. Sure, the article is littered with links to products -- B&H is in business, after all -- but this is a good introduction for beginners.
And, while I'm on the subject, here are a few freeware timecode calcluators for Mac and Windows.
ADDITION:
From The Edit Blog: The iPod as a Time Code Slate