A game played by youngsters to take claim of items that belong to someone else. You call "time out, time out" while touching something that belongs to someone else and that makes it yours for the taking. You can also call a preemptive "time out, time out" to protect your belongings. Note: food is most often the desired object in this game as other items are too expensive or valuable to be subject to such silly child's play.
Billy, Ray Ray, and Tommy are in the lunch line at their middle school. Pizza is being served that day and everyone loves pizza.
The cafeteria lady places a piece of pizza on Billy's tray. Ray Ray sees the golden opportunity and he reaches over to touch Billy's slice of pizza while saying "time out, time out." Billy now has to give up his pizza to Ray Ray.
Tommy sees the above take place so as soon as the cafeteria lady puts a slice of pizza on his tray, he touches his pizza and calls a preemptive "time out, time out" to prevent anyone from claiming his pizza.