Assuming you are wanting to create a time lapse video from a sequence of still images taken at regular interval this can be done.
There are 2 factors which you have to balance - how long you want the time lapse to play for, and the number of images in the sequence.
For a video at 25 fps, and an image import length set to 1 frame in the program settings, see image below, requires 25 images per second of playback. I set the require image import length then import the image sequence is then loaded on to the timeline- do not forget to put this back to the setting normally used after creating the time lapse video
As an example this time lapse video is 15 seconds long at 25 fps is comprised of 375 images which were taken at 10 second intervals ie over 1hr 2.5 mins
I have not yet found a limit to the number of images that can be imported, however the longest I have created contained approx 4500 images.
You import the images to the timeline, in the correct order, taking care to decide in advance for how long each image is to be shown (John's example is 1 twenty-fifth of a second per image, so giving 25 frames/images per second) and then when the movie is "played back" and eventually exported at 25 fps the effect will be of a time-lapse.