Lots of interesting discussion going on, and I don't feel like reading it all, so if someone hit this point, then by all means, I've been 'Ninja'd'.
I like to think that all time is a single, static line. Time itself doesn't flow, but instead we flow through it, or rather perceive it in a linear motion. Picture a line, spanning infinitely in both directions. Every event that has happened, or ever will happen, is on this line.
This idea comes from the concept of Tachyons; Theoretical particles that move backward through time. If these particles can move backwards through time, then are we only perceiving time as moving forward? Does time move at all?
I don't believe that time travel involves timeline alteration, or alternate timelines. While I do believe in alternate universes, I don't believe time travel would consist of creating and destroying timelines.
The idea is, all events have already 'happened', but not in the traditional cause-effect sense of 'happened'. Everything happened at once, rather than the 'is set to happen' notion of fate or predetermination. I believe free will still exists, as one still makes decisions, but our entire future is along this line, as if all actions you'll ever make are already made. It does sound contradictory, but its hard to put into words, let alone perceive.
Example time:
In this theory, past events cannot be altered, as they have already happened on the timeline.
So, if someone were to invent a time machine, they do not assassinate Hitler, because Hitler was not assassinated by timetravelers.
However, an important factor comes into play when discussing time travel, and is oft forgotten. Earth is moving. If someone where to create a time machine, they could only go back to a point in which Earth is in the same location as it is in the departure time. While not impossible, this could perhaps limit the potential windows for time travel, and certainly attach a hefty amount of calculations to allow for successful travel.
Now, obviously, small jumps in time wouldn't be as difficult.