Is it a:
Hit me once I start crying ,
The power button turns it on, creating sound
Hit me again I sleep like a baby .
The power button turns it off again
Touch my neighbors I undergo me metamorphosis ,
A remote control can change the channel, presenting a different series of shapes and sounds to the viewer (alternatively, DVD players, DVR etc. connected to the TV can have much the same effect)
Keep hitting them I create time travel.
Lots of TV channels have a +1 equivalent, showing the same shows an hour later. (alternatively, DVD players, DVR etc. have skip backward/forward options)
And I am there where u all watch.
Generally the centrepiece of a lounge/living room, where everyone can see it