Time out is a human concept that dogs don't grasp quite the same way. If your dog is biting your hands when you play, pull your hands up out of reach and turn your back to the dog.
I have a rottweiler, so I spend a lot of time communicating with rottweiler owners and trainers. When teaching bite inhibition, which is what you are trying to do, it is often recommended to redirect the bite from you to some type of toy. If this is done consistantly, the dog learns to chew on the approved toy and not you. You are not rewarding the dog, you are teaching it that it can chew on "this" but not "this".