I read this phrase in a Russian book: "Сколько время?" Is this correct? I thought it was "Сколько времени?".
"Сколько время" is grammatically incorrect, but this is indeed the way some people speak. This is kind of an elision, when people don't pronounce words fully. You can also hear it pronounced something like "скоко времи". However, this is a spoken phenomenon for the most part; it's strange to see it in print.
BTW, even "сколько времени" is considered incorrect because время is uncountable. But in modern usage, "сколько времени" is a de facto standard.
You may come across an even shorter version: скок время? Which is very colloquial, but not uncommon.
These phrases aren't totally correct from a strictly literary point of view, but in everyday conversations they're used all the time and feel just like normal conversational Russian. They don't sound wrong or out of place to native Russian speakers, especially сколько время?.
A native speaker would never ask another native speaker "Сколько времени?" That's the sign of a foreigner or a super formal setting. But it's usually prefaced by "Простите, не подскажете пожалуйста, сколько времени?"
In normal day-to-day life, "сколько/скоко время?", "какой/который час?" is the norm.