That's pure speculation based on wrong assumptions. The theory that provides the relation between time flows in reference systems moving at relativistic speeds is called Lorentz's transformations. They are just an improvement over Galileo's standard relativity equations for inertial observers.
It turns out that Lorentz built his equations with two premises in mind: to respect lightspeed as the fastest possible speed, and to take into consideration time and space dilation predicted by Einstein.
Thus, any conclusions drawn from applying Lorentz's equations outside the parameters they were designed to work within are not reliable.
According to Lorentz's transformations, time dilation is given by:
In which t' is the time factor for an object moving at relativistic speeds from an observer for which a time t passes.
As you can see, if we are talking about the speed of light, no time passes for the object that moves at the speed of light, regardless of how much time passes for the "static" observer. Which is not to say that time doesn't flow for the object travelling at the speed of light.
The wonders of Relativity.