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1.
The time used to Facebook stalk a person, generally a romantic interest, after a first meeting.
Speaker 1: Yo, I saw you got that girl's number last night. Does she have any hot friends?

Speaker 2: Not sure, I'll find out right now because it's...FACEBOOK TIMEEEEEE!!!!

Speaker 1: ewwwwwwwww! Facebook Time!
by Peaceful Souls December 09, 2012
 
2.
(n) the time two people spend conversing on facebook, i.e. writing on each other's walls or using the chat application.

form of face time.
"dude, i got some serious facebook time with insert name here last night. it was awesome."
by madelinefersure December 25, 2008
 
3.
The time, usually from 4 to 6 PM when everyone is on Facebook at the sametime
Billy: "Yo, have you seen Starr since we graduated."
Bobby: " It's Facebook time, she probably on right now, look her up."
by Qwertymf5 March 15, 2010
 
4.
The incorrect time at the bottom of a facebook comment used to make a user feel in control of his time.
Janey is on facebook time, so she is never late.

I wish that I lived my life on facebook time then I would never be late.
by ChrisDoc3 January 22, 2011