Merhaba! Hello friends. I have a question about -muş gibi types of sentences. I see this structure a lot but I am not sure how exactly I would translate it or use it. Have a look at an example: ´Biraz zaman kazansın diye düşünüyormuş gibi yaptım.´ Any info is welcome. I hope I can get a detailed explanation though. Thank you!

You should translate it as "as if" 

I acted as if I was thinking to let him gain some time.

I can add some more examples and extra information which may help you.

Quoted from one of my textbooks (Turkish An Essential Grammar)

Adverbial clauses formed with (y)miş gibi = as if, and are sometimes introduced by ´sanki´ which also means ´as if´.

examples:

Sanki anlıyormuş gibi cevap veriyor.

S/he replies as if s/he understands.

Sen de herkesten daha bilgiliymişsin gibi havalar takınma.

Don´t throw your weight around as if you were more knowledgeable than everybody else.

Her şeyi kaybetmiş(iz) gibi davranmayalım.

Let´s not behave as if we have lost everything.

and more examples from this site:

S/he looks as if s/he is sleeping.

Uyuyormuş gibi görünüyor.  

S/he acts as if  s/he does not understand.

Anlamamış gibi davranıyor.

The final quote comes from tunci, who like gokuyum, provides excellent help to learners.

Thank you very much to everyone who posted their valuable information. This was very helpful! Thank you for providing additional examples as well. 

it usually means "as if" or "pretend to do something".