Drunken slang used to indicate you drunk enough and are ready to engage in meaningless intercourse or be sucked aal the way to the base by a Hammerhead Female.
"After that round of Beer Pong, I'm down for some Hammer Tyme bro."

"Dude, that Hammerhead straight jack hammered my throb; I could go for some more Hammer Tyme."
by Oregonner976 September 25, 2012
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