The VALUE keyword is similiar to the VAR keyword except that VALUE can be used with Function returns and expressions whereas VAR needs to operate upon a variable's value (ie, you must supply a variable name as the source). You need to put the WITH keyword after the source to be parsed (ie, before the token variable names).

Tokens are broken off at blank spaces, unless you specify a different search string after a token variable name.

Tokens can be thrown away by specifying a dot instead of a token variable name.

Tokens can be parsed by character position.

Here we get the returned time from the TIME Function, and parse it apart at the colon characters into three token variables. 

/* Parse TIME into 3 tokens, broken at : */
PARSE VALUE TIME() WITH token.1 ':' token.2 ':' token.3
DO i=1 TO 3
   SAY "token."i "= '"token.i"'"
END