Allen Moyle showed savage potential as the director of "The Rubber Gun" a few years ago, but Times Square fails to fulfill his promise. The Heroines are teen-agers on the loose in New York City. What might have been a celebration of youth and freedom becomes a plunge into grimy chaos. Even the naturalistically foul language seems merely artificial and exploitative in this confused and hopelessly silly romp. Better to take a stroll through Times Square itself. At least it's the real thing.