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To answer your questions
 : Can a dimension model have only 2 dimensions ?
Yes, A dimensional model can work with just one dimension.
 : Can I make 2 fact tables, Fact-1 will store measures based on the Date(Day) and Fact-2 will store measures based on the Time ?
Going by the principles of modeling, no two facts with different grains should be merged. So, in case your Day & Time are different levels, then yes, make two fact tables at these levels.
Hope this helps.
For your questions:
1->Yes, there is no restrictions. Make sure a dimension is joined to any other object. It can be self join using Alias.
2->Creat a logical fact able in BMM and add DayFact and TimeFact as logical sources and set proper content levels if needed.
Since you are going with 2 different granularity, for time you might need a new dimension table as good as W_DAY_D interms minutes.
I think you might need it for analysis based on time and this also helps you to roll up to the day level.
Generally 20130214 is surrogate key for w_day_d for today's record, similarly for Time level you have to go for each minute like
.... like that to cover 23:59 PM
Let me know if need more info.
If helps mark