(1) When a child is punished for some sort of misbehavior and forced to spend time sitting by themselves (usually in quiet and without any sort of video games/TV/entertainment).
(2) (Less commonly) Baltimore slang for cops/law enforcement. For example, drug dealers in Baltimore will shout out "time out" when they see a police car nearby so as to alert other dealers and customers of the police presence.
*Several drugs dealers are hanging out on a street corner selling scramble and ready (Baltimore slang for highly cut heroin and crack). They're about to make a sale to a customer, when suddenly, a police car pulls up to the nearest intersection
Drug dealer 1: What'chyu say you need?
Customer: Lemme get two fives of the ready.
Drug dealer 1: "Time Out, yo! Time out!"
Drug dealer 2: A'right yo, I got'chyu. It's hot though, for real. Come with me around the corner. . .
Customer: Alright.
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