PARIS: We are going to win.
RICHARD: Yes, we are.
RORY: Okay, the two of you need to take a time-out.
In sport, a time-out is a halt in play which stops the game clock and allows the coach to communicate with the team. In American football, asking for time-outs is a major part of strategy, extending the time a team has to score. Rory is saying that Richard and Paris need to take a break from their overconfidence.
[Picture shows the signal players give when calling for a time-out]
The Annotated Gilmore Girls 