Is there a simple way to insert the current time (like TIME: [2012-07-02 Mon 16:44]) in the org-mode? In the manual there is a lot of stuff (clocks, deadlines, schedules), but most of them require entering the time manually.
C-u C-c . will insert a timestamp at point, though Org will still prompt you for a time (with the default being the current time).
More: "Creating timestamps" in the Org Mode manual.