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3.
Spending time with a horny virgin.
Guy: Sexy time!
Girl: Nope sorry, SAXY TIME!

Guy: Last night, I had the best saxy time ever.
Guy #2: I want saxy time too.
by Hornyvirgins November 06, 2010
 
1.
The act of playing the saxophone.
Since I have an audition coming up, I need to have some saxytime now.
by 1337sp33k3r May 15, 2011
 
2.
To play/practice the saxophone.
Since I have a concert coming up, I need to have saxy time now.
by 1337sp33k3r June 12, 2011