You're bypassing all the features of mysql, though. The great thing about a mysql timestamp column is that it's updated automatically with the current time, so you don't have to do extra PHP statements to find the current time and such...
Also, mysql has a date_format() function to withdraw that date in any format you want, similar to date() in PHP.
So, if you want to get "Oct 6 23" and "03:23:34 pm", you'd use the following:
SELECT date_format(timestamp_column,'%b %c %d') as date, date_format(timestamp_column,'%r') as time from your_table;
Then, once you extract your data out into a row, use
$date = $row["date"];
$time = $row["time"];
There are also addition and subtraction functions for dates, read the manual.
http://www.mysql.com/documentation/mysql/bychapter/manual_toc.html#Date_and_time_functions
---JH