I'm assuming "time" is a label and your trying to assign the current time to it.
Did you define the proper namespace?
Did you define your time object?
Try "time.Text=
System.DateTime.Now.ToString();"
Also you may want to consider renaming your Variable, perhaps something like "currentTime" would be more suitable.
Here's a link outlining the Error you have recieved:
http://support.microsoft.com/default.aspx?kbid=304656
- A.Kahtava