Yes, you win the game and are awarded ratings points if it's a rated game. If you time out, you lose ratings points.
Resolved: points with time-outs.

I'm new to this site and just wondering, if your opponent ''times-out'' do you still receive points as if you had won the game? likewise if you yourself ''time-out'' do you lose some points?
Yes and no.
http://support.chess.com/Knowledgebase/Article/View/16/0/how-do-ratings-work
"Unrated games do not affect your rating
Games of less than four moves do not affect your rating"
Correction: Games of 3 moves or less do not affect rating (The nuance here is rating is affected if one player has 4 turns and the other only 3 turns. Three and a half moves.)
http://support.chess.com/Knowledgebase/Article/View/19/0/the-game-ended-and-my-rating-didnt-change-at-all-why
"Please note, if you resign or timeout on a team match or tournament game, even with no moves, this will also affect your rating (includes withdrawals from tournaments)."
Correction: Timeouts in any game of three moves or less have no impact.
White | Black | Result | Time | Moves | Date | Action | ||
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1-0 (lost) | 3 days | 1 | 8/15/2011 | view | |
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0-1 (lost) | 3 days | 0 | 8/14/2011 | view | |
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0-1 (lost) | 14 days | 23 | 11/29/2008 | view |
I'm new to this site and just wondering, if your opponent ''times-out'' do you still receive points as if you had won the game? likewise if you yourself ''time-out'' do you lose some points?