You can use it as a stand alone cardio session, it's a great conditioning exercise which gets the heart rate pumping and the lungs working. Let's get scientific, skipping will improve your VO2 max level, which basically means your fitness level and stamina will improve...and fast!
Add in some high intensity sections such as high knees, jumping on one foot, fast paced skipping and butt kicks, and you will continue to burn calories long after the session has finished and you've hung up your jump rope. This workout blasts fat and is a great weight-loss exercise. This is the routine I use to warm-up for a HIIT session, or as a quick workout if I don't have time to get to the gym.