When someone runs out of time but the other guy has insufficuent material to mate the other guys king it is considered a draw because, even if your opponents time handn't run out there would have been no way for you to mate him in any case. Those are standard tournament rules if you have any more doubts you can go to fide.com and check up on the handbook.(so yeah it's a rule you didin't know about)
Why a draw?

There was more discussion of it here ...
http://www.chess.com/forum/view/general/draw-on-time
See if reading that alters your view.

Thank you for directing me to the other post. You told me to read it and see if it alters my view....View of the rule? If that was your intent, then no. Reading those posts only reinforced my view of not liking the rule. perhaps the rule is all well and good in normal chess, but this was 5 min blitz chess....there's a reason for the time limit. If you can't win in those five minutes I don't think you should be able to get away with a draw, regardless of what the opponent has. Like the one guy said in the other post, "Anyone can be genius in six minutes."
I recently played a game on live chess and for some reason the game ended in a draw......
Allow me to explain. I was losing (badly) and time was running low, so I was just trying for the win on time. I was making my moves as fast as I could and I was just hoping that my opponent would not notice the clock. After my 62nd move, my opponents time ran out. He had two pawns(One of which was one move away from promoting) and a knight, I had just a king. And yet when time ran out I was not the winner! It ended in a draw because "insufficient checking material".
Can someone please explain why this happened? Am I missing something? Do I just not know all the rules? What is going on?!?!? Thanks!!!!
nocornincorn