Difference between wait event and timed event

Hi,
Anyone has idea that what is the difference between wait events and timed events in Statspack report. I couldn't find it over google.
Thanks.

It's 10.2.0.1 on Linux
(Couldn't do a query, because Linux is inside VM Ware. And it is not being accessed from Base windows machine.)
Top 5 Timed Events                                                    Avg %Total
~~~~~~~~~~~~~~~~~~ wait Call
Event Waits Time (s) (ms) Time
db file scattered read 9,750,617 34,611 4 44.7
CPU time 14,248 18.4
read by other session 1,532,282 8,984 6 11.6
db file sequential read 4,514,494 5,588 1 7.2
latch: cache buffers lru chain 277,245 4,823 17 6.2
Wait Events  DB/Inst: ABCD/ABCD  Snaps: 1-2
-> s - second, cs - centisecond, ms - millisecond, us - microsecond
-> %Timeouts: value of 0 indicates value was < .5%. Value of null is truly 0
-> Only events with Total Wait Time (s) >= .001 are shown
-> ordered by Total Wait Time desc, Waits desc (idle events last)
Avg
%Time Total Wait wait Waits
Event Waits -outs Time (s) (ms) /txn
db file scattered read 9,750,617 0 34,611 4 24.2
read by other session 1,532,282 0 8,984 6 3.8
db file sequential read 4,514,494 0 5,588 1 11.2
latch: cache buffers lru chain 277,245 0 4,823 17 0.7
latch free 121,466 0 3,291 27 0.3
----------------------------------------------------------------------------------------------------

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