” We are running out of time and we have to do something”.

This means that the deadline is nearing.

While in time is running out as in this example, ” We should do something because the time is running out.

This means the deadline set will elapsed.

Although both have still time left but the proximity of time will differ. In the former, the time is nearly closing and in the latter it is much closer.

RUNNING OUT OF TIME” means that you time it is already over and you will be not able to make it.

following the same example, after the exam you have an appointment with your dentist at 11: 15 a.m. you have to drive about 10 Miles away, you know the speed limit it is 40 Miles per hour and it is 11:05 a.m. already when you are opening your car, you know it is late, then one of your friends approach you to invite you have a drink, but you say: “SORRY, I AM RUNNING OUT OF TIME” .

It is clear ? i hope this could help you !

The sand is in the hourglass and the “time is running out” before the game is over.

The clock is ticking and the “time for the race” is running out quickly.

They mean the same but usually a person is running out of time, while you are talking about the time when you say it is running out…..one is verbal (the first)…one the time is the subject of the sentence.

You are trying to solve a problem, but have limited time to solve it. The end of the available time is approaching. It seems that this one focuses the responsiblity on a person, as in the following:

A “desperate” Mr Bush is “running out of time” at home and in Iraq, said veteran commentator David Broder. (from a news story)

Time is running out (to do something).

UN scientists warn time is running out to tackle global warming (from the Guardian online).

This seems to imply that the job of tackling global warming should occur, but doesn’t come out and say who should do it.

Time is running out for thousands of people awaiting rescue six days after Hurricane Katrina hit the Gulf Coast, rescuers say.

Again, the focus is on the job, rather than on who will do it.

its the same

they are identical