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The Cloaking Device is an item in Perfect Dark. You get a few moments cloaked on CI when using the RC-P120's secondary function, but you only actually get to use a real Cloaking Device on MBR and in the Combat Simulator.
The Cloak has a fixed charge of about 30 seconds, which you can check on the quick weapons menu by holding A (but nowhere else). If you use any weapon - or punch somebody - you become visible for a second or two and the counter stops, then you cloak again.
Cloaking Devices are more frequently found in the possession of enemy guards, and no, you CANNOT pick them up from dead guards. For guards it works slightly differently: they begin to decloak as their shooting animation begins, and cloak again once it finishes. That means you can get a few moments to shoot them while they're decloaked, but haven't shot you yet.
On Ruins the Skedar are mostly initially cloaked but decloak permanently when you see them. While the Skedar King does cloak and move, he DOESN'T teleport - he does actually cross the intervening space before attacking you, and he is vulnerable at this time. (Not that this is relevant - in a speed run, he doesn't have TIME to attack you like this.)
Generally any guards who are caught in the act of spawning when they are supposed to be out of sight somewhere are shown to be decloaking, whether they would ordinarily have cloaks or not. This is why guards often decloak out of thin air right in front of you. A good place to demonstrate this is the Moon Pool room in Pelagic II. Set off the alarm while in this room and five guys will appear out of nowhere and kill you. Hint for speed runs: don't set off the alarm while in this room.
Gadget training
The Cloaking Device is also the subject of a gadget training mission.
The record for this mission is 21.82 seconds and is held by Christian "PDM" Fengler.