When finding definitions to physics concepts, its best to use an actual physics book or journal, instead of a dictionary. Dictionaries cater for the less scientifically minded, and frankly from a physicist point of view, that definition of time only shows a extremely small part of the whole truth about time. The 'definition' of time in your dictionary only states how one can measure time, not what it is.

Having said that, time is a very hard thing to define; it is very difficult to sum up in a few words, like those found in dictionaries

In answer to both of your questions, time differs depending on your place in the universe and the speed you are travelling at. The latter is predicted by Einsteins theory of Special Relativity: A clock on a spaceship travelling near the speed of light will tick more slowly than a clock stationary in space.

Einsteins theory of General Relativity predicts that time slows down in a gravitational field; the stronger the field, the more time slows down. This relates directly to your first question: a clock on top of mount everest will tick faster than one on the ocean bed.

Oddly though, you mentioned the term 'elapsed time' instead of just time. If by this you mean the time elapsed from a person's point of view then you must be careful. In all the cases above, the time elapsed or the rate at which the clock is ticking will be observed to be normal, i.e. you won't notice that your clock is ticking slower. This is because time itself is slowing down, which means yourself is also experiencing time slower. Only when you look at a clock that has been stationary you will notice that time has been moving at a slower rate.

I hope this answers your questions. Just shout if you need some clarification.