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1.
Wizard time refers to arriving late (or early), in a friendly manner of exaggerated self importance.
"The party starts any time after six, but arrive on wizard time if you like."

"A wizard is never late, Frodo Baggins. Nor is he early; he arrives precisely when he means to." Lord of the Rings: The Fellowship of the Ring. Dir. Peter Jackson. New Line Cinema, 2001.
by Pseudothink May 24, 2014
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2.
Wizard time is that moment when you are flirting and sparks/lightning/other wizard special effects happen and you realize that you've got them in the bag and you're going to get some tonight.
So I met this guy at a party last night, he bought me a drink, we were talking and it was like BAM! wizard time.
by MinxaMinx January 29, 2011
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