No, it's really "Leasure Time Products". If you take a look at this link, they sell adult products and sometimes get sued over it. Don't know whether they're still in business but anyone in Columbus care to stake out that PO Box?

Leisure Time Products is a company that makes playground equipment. Not so far away from adult products, I suppose...
HA! I question how real and un-shopped this ad is but I still want that watch.
I have just suggested this as a leaving present for a colleague. My office is amused. Thanks!
You know, I kind of want to give this to my husband for Father's Day, just to see his face.

Where was this ad? In Playboy or something?
How sad am I? I Ebay-ed both "Time to fuck watch" and "Leasure time" and nothing came up. Sad days.
wouldn't it be more convenient if there was a button which would make the text appear, used in suitable situations? just thinking that "TIME TO FUCK" blinking every 30 seconds would annoy you very quickly.
"the greatest conversation piece you'll ever own"

Yeah, that's one way of putting it...
Apparently this was only one of their many products. See here. Another website lists them as being owned by Larry Flynt, no surprise there.