You're right that time is a dimension but it's
a single dimension. Normally we can only observe
the 3 dimensions that define space (x,y,z) and
time is constant. But under certain conditions
time is not constant and is the 4th dimension
(x,y,z,t). You've pointed out a very good example
about dimensions. If you take one step forward or
5 steps forward you've moved in a single direction
(dimension) and changed your position but not the
number of dimensions. When something travels close
to the speed of light the passage of time is
affected. It's called time dilation and time
begins to slow down. The closer to speed of light
you get the slower time passes.
This is how time is a dimension, depending on
how fast you are moving affects how fast time goes
by. I have to admit that I don't know much about
time travel or parallel universe but there are
interesting articles on the web which you can find
by typing "time travel" or "parallel universe".
I hope this answers some of your questions.
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