It means the breaker has been tripped. There are two possible ways to reset it - some have a button on the outlet (there may be several outlets on one circuit, so you may have to look around) the other is the main breaker in your breaker box. You'll need to find a reset the breaker.
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Ground wire is loose or disconnected somewhere in that circuit.
Not if the GFCI breaker is supplying the circuit you are wanting to put the GFCI receptacle into.
No, except that you insert the wires into the holes on the back of the outlet. The power in connects to the LINE side of the outlet and power out connects to the LOAD side of the outlet. This is clearly marked on the back of the outlet. This will not only protect the outlet with the GFCI installed but all outlets receiving their power from that GFCI. If you do not want to protect the outlets receiving power from the outlet then connect that outgoing wire to the LINE side also. But know that only the outlet with the GFCI will be protected and all other outlets will not be GFCI protected.
I assume you are hard wiring it and not plugging it in. The power coming into the GFCI outlet connects to the line side of the GFCI outlet. If you want the outdoor timer protected by the GFCI then connect the wire going to the timer to the load side of the outlet. If you do not want the timer protected then connect it to the line side. On the back of the GFCI if you look closely you will see Line & Load marked on the back.
A down stream receptacle that is connected to the upstream GFCI will be protected. If the downstream receptacle senses a fault the upstream GFCI will trip.