I tried to install Time-piece in my machine (windows XP, perl 5.8.8 and build 820)

Go to C:\perl\bin\ppm....you will get a ppm window opened.
In that go to Edit -> Preferences -> Repositories -> Add.

Then Add the below lines.
http://ppm4.activestate.com/MSWin32-x86/5.8/820/package.xml
http://ppm.activestate.com/PPMPackages/zips/8xx-builds-only/Windows/

In the main screen of ppm window, you have 4 options
View all packages, View installed packages,View upgraded packages, View packages to install/remove.

Click view all packages, then type time-piece in the search, once you got the module displayed, right click on it and click install. Then press Ctrl+Enter for installation of module.

You will see the below message after successfull installation.

Time-Piece marked for install
Installing package ...
Downloading Time-Piece-1.11 ... done
Unpacking Time-Piece-1.11 ... done
Generating HTML for Time-Piece-1.11 ... done
Updating files in site area ... done
Installing package done

and the details are

Time-Piece
Object Oriented time objects
Version: 1.11
Author: Matt Sergeant (msergeant@cpan.org)
CPAN: http://search.cpan.org/dist/Time-Piece-1.11/

Installed files:
C:/Perl/html/site/lib/Time/Piece.html
C:/Perl/html/site/lib/Time/Seconds.html
C:/Perl/site/lib/Time/Piece.pm
C:/Perl/site/lib/Time/Seconds.pm
C:/Perl/site/lib/auto/Time/Piece/.packlist
C:/Perl/site/lib/auto/Time/Piece/Piece.bs
C:/Perl/site/lib/auto/Time/Piece/Piece.dll
C:/Perl/site/lib/auto/Time/Piece/Piece.exp
C:/Perl/site/lib/auto/Time/Piece/Piece.lib