time vs while

time and while both are nouns.

Word	Noun	Adjective	Verb	Adverb
time	Yes	No	Yes	No
while	Yes	No	No	No

As nouns, while is a hyponym of time; that is, while is a word with a more specific, narrower meaning than time:

time: an indefinite period (usually marked by specific attributes or activities)
while: a period of indeterminate length (usually short) marked by some action or condition

Other hyponyms of time include day, dead, hard times, incarnation, wee, patch, piece, spell, bit, minute, mo, moment, second, ephemera, space age.

time (noun)	while (noun)
the continuum of experience in which events pass from the future through the present to the past	a period of indeterminate length (usually short) marked by some action or condition
rhythm as given by division into parts of equal duration
an instance or single occasion for some event
a person's experience on a particular occasion
an indefinite period (usually marked by specific attributes or activities)
the period of time a prisoner is imprisoned
a reading of a point in time as given by a clock
the fourth coordinate that is required (along with three spatial dimensions) to specify a physical event
a period of time considered as a resource under your control and sufficient to accomplish something
a suitable moment

time (verb)	while (verb)
measure the time or duration of an event or action or the person who performs an action in a certain period of time
regulate or set the time of
adjust so that a force is applied and an action occurs at the desired time
assign a time for an activity or event
set the speed, duration, or execution of