OK 4th dimension, you have entered into my territory now!
The 4th dimension is also known as Tetraspace, and contrary to many peoples beliefs it is in fact, not time.
The fourth dimension is all space that one can get to by traveling in a direction perpendicular to three-dimensional space.
Normally when somebody hears this very complicated definition they try to comprehend how its even possible for that direction of travel to exist.
I have drawn up what would be an island in Tetraspace for you:

The directions of travel are:
forward & backward
left & right
and
up & down
and
another direction of movement that we cannot comprehend.
So beings in the 4th dimension can walk up!
Does that help clear things up a little bit?
The 4th dimension can be thought of as Space.
When Astronauts go for spacewalks in space, and walk around their spaceship they are essentially experiencing what the 4th is like.
Except they cant live without their spacesuits.

If we lived in Tetraspace we could breath normally while 'flying' 100 miles above land, but in tetra space there would be no 100 miles above land because there is no gravity to hold you down.
So a world in tetraspace would look like this:
And you could travel from land mass to land mass much like we walk from street to street.
As Dodic stated previously time is not a dimension itself, but rather it is beyond our dimensions, a straight line, acting as a track much like a rollercoster would travel on. We are limited, so far, of just going forward, and rembering what has occured in the past. We are sorta of like sitting backwards in the rollercoster because we are only aware of the past, and cannot see into the future.
Now I could go on all night about this stuff, because it interests me so much, but i will not.
I hope this helped some people out even though it is so COMPLETELY off topic, but i couldn't resist talking about the dimensions and time.
I have made a game out of something like this, but i lost it when my hard drive crashed a couple months ago. It helped alot when trying to understand the 4th dimension. But ive been to lazy to remake it, so you'll have to use your imagination.
-Captain-

Cheers,
Capt. America