1) Dildo time is similiar to Bullet time, in which time slows down for everyone except the user, and he pulls out a giant Dildo and runs up behind people and butt rapes them with it while they are powerless by time slowing effects. Also, Dildo time needs to said in an Indian accent
2) A watch where all it has is a picture of a dildo on it, hence it is always 'dildo time'
(while playing 2 vs 2 on Halo 3)
Me: Hey Jake, what time is it for these guys?
Jake: ITS DILDO TIME!!! *bumrapes everyone*