SFC said it repaired our friend w32time.dll:
2012-03-16 21:19:40, Info CSI 000002ef [SR] Repairing 1 components
2012-03-16 21:19:40, Info CSI 000002f0 [SR] Beginning Verify and Repair transaction
2012-03-16 21:19:40, Info CSI 000002f1 [SR] Cannot repair member file [l:22{11}]"w32time.dll" of Microsoft-Windows-Time-Service, Version = 6.1.7600.16385, pA = PROCESSOR_ARCHITECTURE_AMD64 (9), Culture neutral, VersionScope = 1 nonSxS, PublicKeyToken = {l:8 b:31bf3856ad364e35}, Type neutral, TypeName neutral, PublicKey neutral in the store, file is missing
2012-03-16 21:19:40, Info CSI 000002f2 [SR] Repaired file \SystemRoot\WinSxS\Manifests\\[l:22{11}]"w32time.dll" by copying from backup
2012-03-16 21:19:40, Info CSI 000002f3 Repair results created:
POQ 124 starts:
0: Create File: File = [l:242{121}]"\SystemRoot\WinSxS\amd64_microsoft-windows-time-service_31bf3856ad364e35_6.1.7600.16385_none_e49c555686fbabd6\w32time.dll", Attributes = 00000080
1: Move File: Source = [l:166{83}]"\SystemRoot\WinSxS\Temp\PendingRenames\080ea306dc03cd0118370000ec0bf00f.w32time.dll", Destination = [l:242{121}]"\SystemRoot\WinSxS\amd64_microsoft-windows-time-service_31bf3856ad364e35_6.1.7600.16385_none_e49c555686fbabd6\w32time.dll"
Don't suppose it made any difference.
Odd thing I see in your ProcessMon log is that it look in Syswow64 and in System (not System32) before finding it in Windows.
Mine just looks in System32. I will try to get my friend with a 64 bit system to do the same thing and send me the log.
The other thing I see is what looks like a write to the CMOS to set the time there. That may be where it is failing since the writes to the registry all look good.
Can you boot into the BIOS setup and set the time manually? Does it take?