What's the meaning of one hundredth of a second?

[Maggie]

Hi everyone,

What's the meaning of one hundredth of a second?

I try to look it up on the online dictionary. And it gives an example.

She has knocked one/a hundredth of a second off the world record.

I am wondering if the example means she probably runs very fast and her speed of running is less than one hundredth of a second as compared with the world record. So that means she runs very fast anyway.

But I guess I still don't get it. Please give me a favor if possible. And please explains what's the meaning of the example 'She has knocked one/a hundredth of a second off the world record.'

I also found out that 'one hundredth of a second' is a movie name anyway. :P
Thanks in advance.
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[SkiIucK]

She has run/swum/driven with 1/100 faster than the previous world record holder has.