No - dilation and station is not an indication of when labor will begin at all. In fact nothing is except real labor contractions, your water breaking or bloody show (and even then bloody show may appear a few days to a week before the big day; bloody show is different from the mucous plug).
dose that mean that labor will be any time now
That is the "station" your baby's head is at in the pelvis.
http://www.amazingpregnancy.com/pregnancy-articles/174.html