"Society of Motion Picture and Television Engineers" Timecode
basically:
HH:MM:SS:FF
HH = hour
MM = minute
SS = second
FF = Frame
Where frame is from 1 thru 30, which is the difference between SMPTE timecode and EBU (European Broadcast Union) timecode. EBU timecode's frame numbers are from 1 thru 25.
Incidentally, if you see a number 29.97 as a frame rate, that's the NTSC transmission specifications. Whats this have to do with SMPTE timecode? that 29.97 framerate is achived by dropping a frame of video every 5 or 6 mins (I don't recall exactly the time span), hence the term '29.97fps drop-frame' or sometimes "30fps drop-frame".
So, if you were to step thru a video frame by frame you'll see 30 frames for every second, until you get into that 5-6 mins time span where you will have a second of video with only 29 frames in it.
In Premiere (and every other NLE program for that matter) you run into another snag. Since computers are so precise, they actually have a 29.97 frame rate which is not the same as the NTSC spec 29.97 frame rate. This is termed "29.97fps non drop frame". And yes Mildred, there is a "30fps non drop frame" as well.
Lucky for you that DVD players know about these "inconsistancies" so you don't have to worry too much about them, but it is good to be aware of these snags when you working with video. Especially when you're timing video to music (MIDI as well as digital) and subtitles.
My suggestion is to pick one and be consistant. For your case (Pookakitten), I would suggest 29.97 drop frame. Since you are working on a music video, you're video ( unless you plan on using music by Iron Butterfly ) will end before that "drop-frame" enters the "picture". (Sorry)