A pulsar is a highly magnetized, rotating neutron star that emits a beam of electromagnetic radiation. There are two kinds of pulsars regular and millisecond pulsars. Millisecond can spin 716 times a second so you can say time fly's with millisecond pulsars.
how are pulsars formed
pulsars are formed when a star explodes that is 8-20 times the mass of the sun and collapses in on it's self. When it dose that it leaves a neutron star A.K.A. a pulsar.
could we live there
no! And if we could weed have to have very high teak gear which is years away.