Write yourself a simple script called phpinfo.php and inside it, just put the folowing:
<?php phpinfo(); ?>
And view the page created. Scroll down to the PHP Core configuration section and check the values for max_execution_time and memory_limit if you want to see how your server is configured. It's a useful script to have lying around anyway. If the values are not set, you *may* be able to set them from within your own code by using the ini_set function but this depends on how the server is configured.
http://uk3.php.net/manual/en/function.ini-set.php
Don't worry too much though, the system will look after itself unless its run by a complete donkey (who would have had to change a lot of sensible defaults).