Well as you can imagine, you can't just point the camera at something and make it speed up, so you can either film something until the tape runs out, then speed it up to your liking in your editing program, or record in intervals, say record for 1 second pause for 5 or different depending on what it is. Or if you have a really nice video camera there is probably a time lapse setting that does all the intervals for you.
Also you can just use a still camera and take single shots in intervals, then combine them in a video editing program. It's time consuming but I find it can make for some sick shit.
And a tripod is pretty clutch for any of that.
the amount of times the shutter opens and closes in 1 second, so 1/8 shutter speed would me the shutter of the camera opens and closes 8 times in 1 second, thus giving it a motion blur effect. So filming a time lapse with a low shutter like that makes it look like, say, the streaks of traffic in TBC.
if you have a lower end camera then I don't know if you can change shutter to that slow. Most of them go from 1/60 (normal) to 1/2000.
And I shot a time lapse in the air port and I filmed for about 8 minutes with a shutter at 1/8 and when sped up to 900% I got the right speed I wanted, and the clip was like 15 seconds long. For cloud shots obviously you need to speed up a much higher percentage than 900%, it really depends on the shot.
i used to agree that the camera had to be level at all times but my friend was shooting one and he hadn't tightened the screws all the way so the camera's weight slowly brought the tripod down over the course of an hour. because it was really slow it looked really cool...but yes, unless you can do this fluke intentionally it is normally necessary to have a tripod or a ledge of some sort
1. Take a digi Slr and put it on a tripod
2. expose the shot correctly so that you have a 1/2 second shutter speed.
3. take a pic every other second
4. take about 2000-3000 shots
5. smack it in final cut and voila.