A Google search finds the paper "Kolmogorov Complexity and Computational Complexity" by Lance Fortnow.  The paper is about resource-bounded variants of Kolmogorov complexity.  After giving the usual definition and some consequences he writes the following.

> Of course this definition of Kolmogorov complexity makes any complexity theorist cringe: what good is a small program [for] $x$ if it takes the life of the universe to produce $x$?

Perhaps he could give you more precise pointers to the literature.