There has recently been significant progress in the development of timed process algebras for the specification and analysis of real-time systems. This paper describes a timed process algebra called ACSR. ACSR supports synchronous timed actions and asynchronous instantaneous events. Timed actions are used to represent the usage of resources and to model the passage of time. Events are used to capture synchronization between processes. To be able to accurately specify real systems, ACSR supports a notion of priority that can be used to arbitrate among timed actions competing for the use of resources and among events that are ready for synchronization. The paper also includes a brief overview of other timed process algebras and discusses similarities and differences between them and ACSR.