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"Fraggle Time" is defined as the time that you are awake past midnight. Because you haven't gone to sleep, a new day hasn't officially started for you yet, meaning you can still make due on tasks that were supposed to be done. Typically associated with college students who work on projects last minute, and people who work night shifts.
Carl: Can you tell me what day it is?
Jim: It's Wednesday
Zach: Dude it's Thursday
Jim: Sorry, I'm still on Fraggle Time

"The current date/time is June 25th 2:21am FT (Fraggle Time)"
by MTyCo June 25, 2014
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