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know what it is yea 

the lead up to a lame excuse, the sentence said by someone who owes you money but doesnt pay it back when you ask him to.
1:dya have that £75 you owe me?
2:YOU KNOW WHAT IT IS YEA, i havent been paid yet, i gave money to my mum, i got robbed in the street, give me till friday, i went in2 my house to get it but i instead walked out with a bowl of rice nd no money

CALEB BITCH SUCK MY DICK BITCH STUPID BITCH TWO PLUS TWO ANINT KNOW WUT THE FUCK IT IS BITCH 

CALEB BITCH SUCK MY DICK BITCH STUPID BITCH TWO PLUS TWO ANINT KNOW WUT THE FUCK IT IS BITCH
CALEB BITCH SUCK MY DICK BITCH STUPID BITCH TWO PLUS TWO ANINT KNOW WUT THE FUCK IT IS BITCH

You Know What Time It Is 

A prison expression indicating that the speaker is about to commence a physical altercation upon the subject.
Leroy: You know what time it is!
Bubba: What-
Leroy: (hits Bubba)

Love knows not what time it is 

Love is a thing that decides for itself when it will happen. It can arrive when it wants and you will not decide this.
You will not decide when love strikes, for love know not what time it is. Love is a fickle beast and it will not be tamed. Love knows not what time it is is defined as being unknown and timed as it is never arriving as we except

You know what time it is! 

Basically a statement said to acknowledge how incredibly trashed someone is. You can say it to acknowledge someone else or you can say it to acknowledge how messed up you are.

If you are on another level of fucked up you can also respond that you are the clock. Who ever is the most fucked up is the clock.
A:"Duuuuuuuuuuuude!!!!"
B: "You know what time it is!"

A:"Do you know what time it is!?"
B:"Bitch, I'm the clock!"

A:"You know what time it is!!!"

A:"Dude, he knows what time it is."
B:"Bro, he is the clock"

You know what time it is! 

A statement relating to going to the bar and making everyone else know they are also required to go to the bar. Usually responded with the word 'MONEY' from everyone else who are heading to the bar.