well DangerAardvark already covered all the important faced of "time"
so adding a trivial comment, "Time" is just what you make out of it, 2 min is only 120 sec, but 2 min might seem like forever, when you are holding your pee in the huge line up at the movie theatre after a long movie, and you've had like 2 jumbo size Pop with refills.
a split second last only 1 sec, but it might seem like a minute, or a total pause in the time continuum, during extreme circumstances ignore times, your mind / body asses and react to the imminent danger. Like when parents save their child from being rolled over by a truck.
From my own personal experience it's best described by the movements seen in the Matrix movie, during what might have been potentially a fatal fall, over an sharp edge of a broken chair, between 2 rows of similarly dangerous landing places with sharp objects, during my flip over in mid air (after a class made pushed me over as a "joke"), during the mid air trip both body and mind reacted instinctively, but during that period everything in Real Time, was like in slow motion, to the point it was like almost frozen in time, meanwhile the mind choosed the best landing spot between the dangerous landing places, and when calculations were over, and did finally managed to fall.
yeah that still sounds ironically funny to me whenever i think about that incident "..calculations were done, and finally manged to fall..." it gives me a broader picture of Time, how long a time is, and or how short a time is, it's very subjective.
Sometimes i wonder, if our human minds, really has the power to Control time at mere will power.... reminds me of the "butter fly effect" movie, it was lousy movie, but the theory behind it sort of make sense.
if you think about it, during the time i was in mid air, it was less than a second, yet in that instant it seemed forever, i actually had time to think, "are we there yet? when i'm gonna fall back down?" meanwhile also thinking about "good choice: this is the best possible landing area under this circumstances", and then to finally land, and just before that my last though was "ok, extend my body to take up air space to cause air friction to reduce falling speed and cause an air cushion during impact time, at this travel trajectory, meanwhile protecting the back of the neck, the vital area that it was most at risk on landing over the rusted metal pole sticking out the chair"
after the event actually transcurred, and i did land, it all actually worked out the way i planned in mid air without even realizing it, and it was a smooth "poof" when i reached ground, and it didn't hurt at all....
of course after realizing what happened after reaching ground i spend a couple of sec, realizing how incredible that was, i came to my next more important realization....
"GO KICK THE CRAP OUT OF YOUR "FRIEND" for having pull a stupid stunt like that on you, it could have killed you accidentally".... then well the rest was the typical school fight and whatever.... the teacher split the fight, and class bell was about to rang, since it was in the wee hour of the morning.
anyways back to Time... as you can see Time is irrelevant, your mind and body will use and manage time as it is needed.