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1.
The time according to myspace. It ignores the actual times in all timezones, EST, pacific, mountain, etc.
Scener: Hey, in myspace time its 12:30AM!
Goth/Emo: Yeah, cool! In actual time it must be 4:39PM!
by Steagles February 20, 2006
 
2.
Something you say when you log-in to myspace. Similar to the Miller Time deal.
Steve: It's "MySpace Time"
Randy: I guess that kid is on myspace again... set em up!!!
by Lil Duff 2008 June 16, 2008