Context. Observations of very high-energy.-rays from blazars provide information about acceleration mechanisms occurring in their innermost regions. Studies of variability in these objects lead to a better understanding of the mechanisms in play. Aims. To investigate the spectral and temporal variability of VHE (>100 GeV) gamma-rays of the well-known high-frequency-peaked BL Lac object PKS 2155-304 with the HESS imaging atmospheric Cherenkov telescopes over a wide range of flux states. Methods. Data collected from 2005 to 2007 were analyzed. Spectra were derived on time scales ranging from 3 years to 4 min. Light curve variability was studied through doubling timescales and structure functions and compared with red noise process simulations. Results. The source was found to be in a low state from 2005 to 2007, except for a set of exceptional flares that occurred in July 2006. The quiescent state of the source is characterized by an associated mean flux level of (4.32 +/- 0.09(stat) +/- 0.86(syst)) x 10(-11) cm(-2) s(-1) above 200 GeV, or approximately 15% of the Crab Nebula, and a power-law photon index of Gamma = 3.53 +/- 0.06(stat) +/- 0.10(syst). During the flares of July 2006, doubling timescales of similar to 2 min are found. The spectral index variation is examined over two orders of magnitude in flux, yielding different behavior at low and high fluxes, which is a new phenomenon in VHE gamma-ray emitting blazars. The variability amplitude characterized by the fractional rms F(var) is strongly energy-dependent and is proportional to E(0.19 +/- 0.01). The light curve rms correlates with the flux. This is the signature of a multiplicative process that can be accounted for as a red noise with a Fourier index of similar to 2. Conclusions. This unique data set shows evidence of a low-level.-ray emission state from PKS 2155-304 that possibly has a different origin than the outbursts. The discovery of the light curve ognormal behavior might be an indicator of the origin of aperiodic variability in blazars.