I love to try to answer this question in part because it's interesting and also because every time we discuss it and I say "Spacetime IS something", meaning "it sure SEEMS like something, lots of the gurus here get apoplectic...that is excitedly angry ... because its not a conventional answer...but we can describe some attributes of spacetime that bring home how interesting it is.
Tinytim's post probably reflects conventional, current, science. But a lot that is conventional science is incomplete. You could also call spacetime a model:
http://en.wikipedia.org/wiki/Spacetime
meaning how we choose to represent space and time, and the discussion has other interesting points to make as well.
Spacetime is conventional three dimensional Eucledian space plus time (not a very satisfying answer,of course). Even if someone said "space is a matter" nobody knows what matter is either, any more than we know what time or gravity is.
Suggest you search the forums here with "what is spacetime",,,you'll finds lots of threads (discussions).
Seems like space requires time, and that spacetime IS actually something with these among its characteristics:
measured distances and elapsed times depend on your velocity and position,
it expands and that expansion is accelerating,
it seems to have horizons,
it can curve (change shape due to mass,energy or pressure)
always seems to have quantum fluctuations (quantum foam, even at zero degrees absolute)
maybe dark energy (we sure don't know what THAT is either,
some symmetries,
maybe some singularities (big bang, inside black holes),
an interval (a combination of space and time, see spacetime interval in the above reference).
Another way to think of spacetime is that it apparently originated from a big bang...in that view, some extremely high unstable entity (a bang) gave birth to mass, energy,time,distance(space) and an expanding universe. But why THESE particular entities popped out, and not others or not in different combinations, nobody knows.