UUID Version 1 (v1) is generated from timestamp, monotonic counter, and a MAC address.
UUID Version 2 (v2) is reserved for security IDs with no known details2.
UUID Version 3 (v3) is generated from MD5 hashes of some data you provide. The RFC suggests DNS and URLs among the candidates for data.
UUID Version 4 (v4) is generated from entirely random data. This is probably what most people think of and run into with UUIDs.
UUID Version 5 (v5) is generated from SHA1 hahes of some data you proivde. As with v3, the RFC suggests DNS or URLs as candidates.
UUID Version 6 (v6) is generated from timestamp, monotonic counter, and a MAC address. These are the same data as Version 1, but they change the order so that sorting them will sort by creation time.
UUID Version 7 (v7) is generated from a timestamp and random data.
UUID Version 8 (v8) is entirely custom (besides the required version/variant fields that all versions contain).