The time will freeze like in SA multiplayer.

Only thing you can do is to type this code to activate. "lock"

If you want to restore the time to normal retype it again.

It's useful for fastman's in-game time cycle editor to lock time so it doesn't get lost when the time passes by.

Link to his mod:
http://www.gtagarage.com/mods/show.php?id=18954

This is the example of a lock time for my settings Trajan Whores purple night from Saints Row: The Third and Alien Invasion kinda from Saints Row IV.