To begin this report on space and time I will start by saying that human beings, as a species, have so little knowledge of ourselves and the world around us. Understanding this will assist you in keeping up with the facts and theories I am about to layout for you. Keep in mind while reading that most of what we know about space and time is limited and constantly evolving.
So, let's start with space, space exists and is easily verifiable whereas time warps are still considered science fiction. Space consists of a vacuum outside of a planets atmosphere and gravity pull, it is basically a container for solid bodies to reside in. Mankind, in general, has been aware of space for thousands of years. In ancient times, and until relatively recently according to our age as a species, we used bodies in space to track the passage of time, navigate over land and sea, and even predict future events.
So, using a little "space" as possible, I have briefly described space and it's most basic uses for human beings. Now, I will take a stab at describing a time warp and how it is possible.
A time warp is believed to allow the travel through time and space almost, if not, instantly. Beginning with the math, I will show you the mathematical equations for time and space:
State of Space- (1 + 2s + 5s2)X(s) = (1 + s)Y(s)
Looking at these equations allows us to better understand the concept of space time. To achieve any kind of space/time warp you would need to engineer a device to generate enough energy to out way the universal space time standard. If this were possible than you will be able to bend space, and therefore bend time, creating what most sci-fi geeks call a space/time warp and transverse the universe in an instant and go back and actually try in school.
The common theory on how a space/time warp occurs is that same theory of how a black hole forms. A star dies and releases all of it's energy at one time while simultaneously "sucking" all of it back into it's core. Effectively ripping a hole in space and time, although if you happen across a black hole it may not be wise to jump into it. Looking at the average energy of a star at death you see that even if we used every power plant on earth at one time we can not currently generate even one millionth of the energy needed.
Though, if we used the already made black holes in the universe it may be possible to travel through space and time. Speaking of traveling through space and time, a space warp is the same as a time warp in theory. And that brings me to my final piece of info, all of this is only theory and speculation as we have never had the chance to examine a black hole up close and most likely never will. Happy time traveling.