This is what Black Viper says about Windows Time Service:
Windows Time
Automatically sets your clock by contacting a server (Microsoft's server by default) on the internet. Great idea if your network connects to the internet 24/7. The Event Log fills up with "cannot find server" messages on a non-dedicated setup, though. After successful synchronizing, this service will not attempt to do it again for 7 days, meanwhile, taking up resources. You may also need Task Scheduler running. You may choose to set your clock manually on a dial up connection, but with a 24/7 broadband setup, this could keep you on time for work. Note: as mentioned, "time.windows.com" is the default server for synchronization. For those privacy conscious people that prefer to connect to a government site rather then MS, use "time.nist.gov."
Default XP Home: Automatic
Default XP Pro: Automatic
Safe Setting: Disabled
Log on as: Local System account
Dependencies:
What service Windows Time needs to function properly:
None
What other service require Windows Time to function properly:
None
Just for info.

*******************************
BTW. This from my Event log before substituting the default time.windows.com with time-a.nist.gov
Event Type: Error
Event Source: W32Time
Event Category: None
Event ID: 29
Date: 03/04/2007
Time: 07:10:56 PM
User: N/A
Computer: XXXXXXXXXXXX
Description:
The time provider NtpClient is configured to acquire time from one or more time sources, however none of the sources are currently accessible. No attempt to contact a source will be made for 9820 minutes.
NtpClient has no source of accurate time.For more information, see Help and Support Center at
http://go.microsoft.com/fwlink/events.asp.