SELECT rows the the second highest value in a column - MySQL

SELECT rows the the second highest value in a column - MySQL

First off thanks for all the help guys. I have been lurking on here for a
while and finally need to ask a question, so here it goes.
Let's say I have a table similar to as follows:
Item Description Time
----- ----------- -----
ItemA1 descript 08-16-2013 00:00:00
ItemA2 descript 08-16-2013 00:00:00
ItemA3 descript 08-16-2013 00:00:00
..
..
ItemAN descript 08-16-2013 00:00:00
ItemB1 descript 08-13-2013 00:00:00
ItemB2 descript 08-13-2013 00:00:00
ItemB3 descript 08-13-2013 00:00:00
..
..
ItemBN descript 08-13-2013 00:00:00
..
..
..
ItemX1 descript 01-13-2012 00:00:00
ItemX2 descript 01-13-2012 00:00:00
ItemX3 descript 01-13-2012 00:00:00
..
..
ItemXN descript 01-13-2012 00:00:00
Groups of items are added periodically. When a group of items is added
they are all added with the same "Time" field. "Time" essentially serves
as a unique index for that item group.
I want to SELECT the group of items that have the second highest time. It
this example my query should pull the "B" items. I know I can do max(time)
to SELECT the "A" items, but I don't know how I would do second last.
My "Time" columns are stored as TIMESTAMP if that means anything.