[Python] Python: Why does import time not work for time() but works for time.sleep()?

If I use from time import time, the Python 2.7.3 does not recognize time.sleep(60). But if I use import time, then Python does not recognize t=time(). Why does this happen? Is there any way I can use time() and time.sleep(x) in the same program?

from time import time
#import time

intervalInMinute = 1
t = time()
while 1:
time.sleep(60)


The kind of error I get is:

Traceback (most recent call last): File "myProg.py", line 9, in time.sleep(60) AttributeError: 'builtin_function_or_method' object has no attribute 'sleep'
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