What format is the time of a Bitcoin transaction stored in? This may be a very simple question to answer, but I haven't been able to quickly find it.  Regardless, if you were to deconstruct a transaction in the blockchain, and pull out the time value of the transaction, what format is the time stamp in?

In other words, if you were to pull out the draw time value, how can I convert it to a meaningful value?
If you are literally referring to the "time" or "blocktime" property of a transaction within the blockchain, then this timestamp is in Unix format.

And if by "convert it to a meaningful value", you mean a human-readable format, you can use a unix command line (e.g. Terminal on OSX) to do a quick conversion:

Linux:

$ date -d @1395103695


Mac OSX:

$ date -j -f "%s" 1395103695


...which would return the following:

Mon Mar 17 14:48:15 HST 2014