Time torpedoes were Time Lord weapons, used to trap a target in a temporal holding pattern, a locked second where the target could be frozen in time for centuries. (AUDIO: Neverland) Alternatively, they could create a stasis bubble around a target, immobilising them but leaving them conscious of their situation. (PROSE: Engines of War) Most Battle TARDISes carried time missiles, firing them from warp silos. They would create a halo effect when fired.
During the Last Great Time War, the Fifth Time Lord Battle Fleet fired time torpedoes on a Dalek fleet in the Tantalus Eye, destroying them. Karlax and the CIA used their TARDISes to fire time torpedoes at the Doctor's TARDIS, but the War Doctor had upgraded his TARDIS' shields so that they would have no effect. (PROSE: Engines of War)