They are all okay, but it depends on how you want to use them. Example, "He asked if I could free up some time in my busy day, and I said yes, I have time to spare, but then he took up much more time than I wanted to make for him!"

OK, a difficult question. To 'free up time' is to make time available. E.g. taking a train to work frees up time to read or listen, compared to driving a car. The time is 'freed' or liberated from some other task, and is thus available for another purpose. To 'make time' is similar, but can also involve/infer stopping one thing to do another. E.g. I will forgo/not do reading a book to 'make time' to answer your post. I 'make' the time by taking it from some other activity. E.g. I will make time in my schedule for .... by postponing or delegating something else. To 'have time', means that we have time available to use. E.g. I have time (available) to write this to you as I drink my coffee. I have time, or I have enough time to do this while I am waiting for my lunch to cook. I have time to do this or that. To 'take time' means to allocate or set-aside time to do something. I 'take' that time out of my life and dedicate it to doing something else. E.g. I take time from (re-allocate time, or steal time) other things or priorities, and give it to this activity. E.g. I take time (in which I could watch TV) and allocate or give it learning a language. Sangho, I hope this helps you.