Exactly as it sounds. It is 100 times shorter than a second.
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One one hundredth of a second is ten milliseconds.
0.01 second or 10 milliseconds.
A second.
Oh, dude, one hundredth of a second is like a tiny, minuscule fraction of time. It's basically 0.01 seconds, which is like a blink-and-you'll-miss-it kind of deal. So yeah, it's like super fast, but also not that big of a deal in the grand scheme of things.
One thousandth of a second is a millisecond. Ten milliseconds = 1/100th of a second. Also called a 'centisecond'.