What is the mysterious 'timestamp' datatype in Sybase?

I recently discovered a table in our Sybase database at work that uses a column of a type 'timestamp'. If I create a table using this mysterious timestamp datatype like this

create table dropme (
    foo timestamp,  
    roo int null
)
insert into dropme (roo) values(123)
insert into dropme (roo) values(122)
insert into dropme (roo) values(121)
select * from dropme
go

I get the following from 'select * from dropme':

 foo                  roo
 -------------------- -----------
   0x000100000e1ce4ea         123
   0x000100000e1ce4ed         122
   0x000100000e1ce509         121

0x000100000e1ce4ea does not look very timestampy to me. Also, I see this output from 'sp_help timestamp':

 Type_name Storage_type Length Prec Scale Nulls Default_name Rule_name Access_Rule_name Identity
 --------- ------------ ------ ---- ----- ----- ------------ --------- ---------------- ----------
 timestamp varbinary         8 NULL  NULL     1 NULL         NULL      NULL                   NULL

My questions are the following

1. What the heck is a timestamp?
2. Does it have any relation at all to time or date?
3. Can I convert it to a datetime?
4. If it's not a time or a date, what do you use it for?