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A cute way of asking the time that distracts someone long enough to be pickpocketed. the source is a ninettenth century childrens playground game particularly popular from the interwar years.
Villain: What's the time mister wolf?

Rich old dude: Oh uh, heh, mister wolf, good one. Well it's eight thirty by my watch.

In this time a second villain has swiped the old mans' wallet and watch.
by Gumba Gumba June 01, 2004
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