This is probably best done with some combination of views and application logic.
Create a view something like:
create view mytable10 as select * from mytable order by timestampfield desc limit 10;
Then always select data from that view, which will limit you to the latest 10 entries. Then every so often hit the table with a delete statement like:
delete from mytable where timestampfield < (select timestampfield from mytable order by timestampfield limit 1 offset 11)
Replace the easily readable pgsql limit / offset syntax with mysql's offset,limit syntax above, btw.