Itime is what is called aloud amongst peers when they want some special one on one time with their iPhone. ie to play a game or just generally touching and caressing it without distractions.
This word can also be used by non iPhone users to describe time on your own away from the hustle and bustle of living in an urban conobation, a time when you want to relax in and enjoy your own company.
Peer number one: "Itime"!!
Peer number two: "Itime"!!
"no thanks dude, I'm staying in tonite, gona have some Itime"