v-time

stands for "vag time"(sex)

Mike: Hey i gotta go bro.
Jamie: Why man?
Mike: It's v-time man.
Billy: Daaammnnn I gotta get me some of that.

V-Time

stands for "vomit time"

At bar:

John: Where were you bro?
Jim: I just had some quality v-time. I'm back now. Shots on me!

V time

Virgin time

Ben: Yo bro are you down to game?
Steve: Yea bro i'm always on V time