There is no close equivalent to it, the closest is "ты не знаешь сколько время?" - literally "don't you know what time it is?". Usually it's just "сколько время?".
«Сколько времени». In speech, «сколько время» is used by some but a number of decades have to pass until it is considered OK. After all, why would время be the only noun in the language that uses сколько with Nominative and столько/много/мало with Genitive (singular or plural, depending on whether it is a mass noun)?
Oh, shame on me, that false feeling of confidence.., I didn't even think about this thing. However, it's quite common (typical lazy reduction of the last sounds), albeit nowadays too colloquial. You can even see a website with such a name dot com)
Is reduction normal in every day Russian speech? I ask because my GF often writes things like норм instead of нормально, although on speech... I haven't paid much attention(when we do actually speak on russian)
Google Translate says "сколько время"... are you saying this is a bit slangy?
Something between /'vrʲemʲɪ/ and /'vrʲemʲə/. The last vowel sounds quite similar or identical to how unstressed и, э, or е sound in a Russian word.