When you see this message on your iPhone you should be prepared for worst. In fact, if you see time below that message then you still have hope but when you enter pin code you should do it extremely careful. And now in details about this problem.

iPhone allow you to enter password 10 times. When you enter it incorrectly you got following:
    6 incorrect guesses: iPhone is disabled. Try again in 1 minute
    7 incorrect guesses: iPhone is disabled. Try again in 5 minutes
    8 incorrect guesses: iPhone is disabled. Try again in 15 minutes
    9 incorrect guesses: iPhone is disabled. Try again in 60 minutes
    10 incorrect guesses: