According to classical GR, as you drop through the event horizon of a big black hole, you will notice nothing terribly different. Time will not slow down for you.
There are many notions of time in GR, and the notion of time slowing down near a black hole is more related to the fact that if you send light to a distant observer, it will be very red shifted.
Try http://casa.colorado.edu/~ajsh/schwp.html" of gravitational time dilation and gravitational red shift, which are essentially the same thing: "That the redshift factor is the same as the time dilation factor (well, so one's the reciprocal of the other, but that's just because the redshift factor is, conventionally, a ratio of wavelengths rather than a ratio of frequencies) is no coincidence. Photons are a good clocks. When a photon is redshifted, its frequency, the rate at which it ticks, slows down".