Sorry bro, you can't. MySQL doesn't support subqueries yet.
Your best bet would be to issue separate queries, and use the results from each.
using PEAR...
//assumes connections have been made and the db object is in $db
$my_date = $db->getOne("select max(date) from table");
$my_time = $db->getOne("select max(time) from table");
$result = $db->getAll("select * from table where date=$my_date and time = $my_time);
Make sure you check my syntax though, I'm not 100% positive I'm calling the PEAR functions correctly (which, of course, is why documentation is a Good Thing.)