No time no see is a humorous greeting mostly used in specific scenarios. Oftentimes, it's used when a person approaches you and talks to you like a best friend but you don't remember them at all. This can be also used by best friends as a humorous greeting when they don't remember how long they haven't seen or talked each other for.
Person A : Hi, it's been a long time! Do you want to hang out?
Person B : Oh... No time no see! Nope, I don't have time for hanging out for now, sorry. (Doesn't remember who person A is)