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1.
The time vacuum created by the ocean's presence. Similar to stoner's time, everything moves nice and slow. This carefree aura even has the ability to travel with islanders and can engulf you in their presence.
What did you do today?

Well after my second nap, I sat around, looked out the window and had a cocktail.
I am on island time.
by dshghjg August 13, 2008
 
2.
An invisible concave barrier that separates Manitoulin Island, a place where it is perfectly acceptable to be drunk before noon, from the outside world.

When passing through this barrier, by means of swing bridge or boat, the time space continuum slows down due to the island's laid back attitude.
1) Everyone is driving so slow!

"They can't help it, they're on island time."

2) Drinking? At this time in the morning?

"Relax, we're on island time now!"
by JohnnyWalksSlowly December 28, 2010
 
3.
time zone of people of pacific island decent, normally runs ten minutes behind real time.

"is the bus late or have i missed it?" "na bro its just running on island time.
by McGiNgA May 17, 2008
 
4.
Allows for lateness to be completely acceptable when you are on vacation or just returning from. Really just a bad excuse for laziness and just forgetting things all the time, usually turns into a bad habit.
Boss: Kolohe, you've been late for work 5 times in the last two weeks, what's the deal?

Kolohe: Sorry, I'm just livin' on island time brah!
by Nikolai Kovalchuk June 10, 2013