I've always felt that it doesn't exist; it's an invention we use to help us quantify and understand our linear experience of events.
As jax pointed out, entropy trumps all attempts to thwart it and moves in one direction only. Perpetual-motion machines will never work due to this. There's no such thing as a 100%-efficient transfer of energy, and therein lies the catch. It never ceases to amaze me, the lengths peeps will go to to try to circumvent this unbreakable law via their attempts at such machines.
So yeah, I wouldn't worry about the possibility of time travel Mr. B; leave that to Star Trek et al.