PFB and TFM files belong to postscript fonts. They are normally installed with the related package. To see clearly what's going on, please provide a minimal working example (MWE). Times is an obsolete package. Try mathptmx from the PSNFSS bundle.
I tested your file and had no problem. Then I removed some of the files required by pdftex until I obtained the same error message as you. It appears that the .vf files (ptmr7t.vf) are either missing or that tex is not aware of their existence. Check if they are on your system ; perhaps you should re-install the mathptmx package. If the vf's are there, you should try to refresh the FNDB (if you have MiKTeX, you do that via 'Settings'.
I checked and I have all the vf files. I refreshed the FNDB, but that made no difference.
When I compile into DVI or PS, there are no problems. The problem only occurs when I compile to PDF.
Would a re-installation of MikTeX (or TeXnicCenter) help?
I really don't know. Were the fonts and mathptmx installed by miktex, or did you install them manually? Also, which version of MiKTeX do you use? Finally maybe you should check if updmap.cfg specifies the line:
Map psnfss.map
and if pdftex.map contains a reference to ptmr8r.