Meaning something very good or righteous; Can be used conversely with bad things (i.e. smalltime, tinytime, etc.); Anything put in front of "time" dictates how good or bad the object/situation (i.e. Bill Gates time=Hugetime, Justin Bieber time= tinytime).
Ryan: Damn, that girl's tits last night were on point.
Matt: Yeah, they were hugetime.
Ryan: Maxi Mounds time!