Like most other inventions, the Internet isn't "good" or "bad" in itself -- it depends on how we use it.
On one hand, the Internet can be used for great good -- to help us learn about the latest medical advances, for instance, or enable us to keep in touch with friends and relatives in distant places. Businesses and organizations (including our own) also depend on it in almost every part of their work. Many Christians use it to learn more about the Bible, or to find out about mission opportunities.
But the Internet also can be used for great evil -- making pornography easily accessible, for example, or hiding large sums of illegal drug money. Some even use the Internet to attack the Christian faith or promote terrorism or violence. And yes -- simply wasting time on the Internet is wrong also, because it's a misuse of one of God's greatest gifts to us: our time.
You see, it isn't the Internet itself that's at fault here; it's the people who use it. And this points to our deepest need as human beings: to have our hearts and lives changed by God. In other words, our greatest need is to be transformed within -- and this can happen, as we turn to Jesus Christ and ask Him to come and dwell within us. Have you committed your life to Him? Turn your life over to Christ today. Then ask God to help you follow the Bible's command in everything -- including your use of the Internet: "Hate what is evil; cling to what is good" (Romans 12:9).