One further thing I should add. Upon booting my XP install, i noticed that the system clock was wrong. In fact, it was exactly 10 hours behind.
Clearly OS X sets the system clock to UTC/GMT, whereas XP assumes it is the local time zone. After some searching on google, I found some information.

Basically, the procedure is to add a registry value so XP realises the system clock is UTC / GMT rather than its local time zone.
A quote from the article:

Go into regedit, find the HKEY_LOCAL_MACHINESYSTEMCurrentControlSetControlTimeZoneInformation key in the leftmost pane, then right click in the rightmost pane and select New->DWORD Value. Create the new key named “RealTimeIsUniversal” and set it’s value to 1. Exit regedit, reboot, cross your fingers, light some candles and/or incence as your religious inclinations dictate, go into linux and change whatever your distro uses to record that the hardware clock is being stored in UTC/GMT instead of local time, and then probably synch your clock to some NTP servers. Reboot again into Windows and verify that things are working like they should be.

Update: Several people have reported that this fix is unreliable and that Windows will randomly revert to treating the Real Time Clock as local time rather than UTC. More information highlights that this registry key is an untested and undocumented feature from Windows NT 4.0 days.