Would time freeze if you could travel at the speed of light?
This kind of question has a long and honorable history. As a young student, Einstein tried to imagine what an electromagnetic wave would look like from the point of view of a motorcyclist riding alongside it. But we now know, thanks to Einstein himself, that it really doesn't make sense to talk about such observers.
The most straightforward argument is based on the positivist idea that concepts only mean something if you can define how to measure them operationally. If we accept this philosophical stance (which is by no means compatible with every concept we ever discuss in physics), then we need to be able to physically realize this frame in terms of an observer and measuring devices. But we can't. It would take an infinite amount of energy to accelerate Einstein and his motorcycle to the speed of light.
Since arguments from positivism can often kill off perfectly interesting and reasonable concepts, we might ask whether there are other reasons not to allow such frames. There are. One of the most basic geometrical ideas is intersection. In relativity, we expect that even if different observers disagree about many things, they agree about intersections of world-lines. Either the particles collided or they didn't. The arrow either hit the bull's-eye or it didn't. So although general relativity is far more permissive than Newtonian mechanics about changes of coordinates, there is a restriction that they should be smooth, one-to-one functions. If there was something like a Lorentz transformation for v=c, it wouldn't be one-to-one, so it wouldn't be mathematically compatible with the structure of relativity. (An easy way to see that it can't be one-to-one is that the length contraction would reduce a finite distance to a point.)
What if a system of interacting, massless particles was conscious, and could make observations? The argument given in the preceding paragraph proves that this isn't possible, but let's be more explicit. There are two possibilities. The velocity V of the system's center of mass either moves at c, or it doesn't. If V=c, then all the particles are moving along parallel lines, and therefore they aren't interacting, can't perform computations, and can't be conscious. (This is also consistent with the fact that the proper time s of a particle moving at c is constant, ds=0.) If V is less than c, then the observer's frame of reference isn't moving at c. Either way, we don't get an observer moving at c.
You can't travel at the speed of light. So it's a meaningless question.
The reason some people will say that time freezes at the speed of light is that it's possible to take two points on any path going through spacetime at less than the speed of light and calculate the amount of time that a particle would experience as it travels between those points along that path. The calculation is
$$\Delta\tau^2 = \Delta t^2 - \frac{1}{c^2}(\Delta x^2 + \Delta y^2 + \Delta z^2)$$
where $\Delta\tau$ is the amount of time experienced by the traveling particle, and the other $\Delta$'s are the differences in space and time coordinates between the two points as measured by an external observer. If you take this same calculation and blindly apply it to a path which is at the speed of light, you get $\Delta\tau = 0$.
Yes, I agree with David. If somehow, you were able to travel at the speed of light, it would seem that 'your time' would not have progressed in comparison to your reference time once you returned to 'normal' speeds. This can be modeled by the Lorentz time dilation equation:
$$T=\frac{T_0}{\sqrt{1 - (v^2 / c^2)}}$$
When traveling at the speed of light ($v=c$), left under the radical you would have 0. This answer would be undefined or infinity if you will (let's go with infinity). The reference time ($T_0$) divided by zero would be infinity; therefore, you could infer that time is 'frozen' to an object traveling at the speed of light.