Timeout is a trivia game with time pressure. Each player start with the same amount of time, and the faster you answer the faster you get to stop your clock. When running out of time you are out of the game.
When it's your turn, a trivia question is read out loud to you by an opponent and your time begins ticking. If you answer correctly, you get to stop the electronic clock, that's counting down. If you do not answer correctly (or don't answer at all) the clock counts down 20 seconds and the stops.
The questions are divided into categories. Which category you get a question from depends on a die roll. Sometime you get to choose the category for yourself or for an opponent.
If a player fails to answer correctly, the next player has the chance to answer and thereby be rewarded with 10 bonus seconds. When out of time, a player is eliminated from the game.