If you are using MySQL- you can inser the Date and Time using the date and time functions that are built in to it such as the NOW() function.
Example:
$Query = "INSERT into table VALUES ('0',NOW(),'news item',);
In this example the query would insert the current Date and Time into the database where you have the 2cd field as a Date/Time datatype and the query has NOW() there without the single quotes.
MySQL allows you to format it in several ways -
yyyy-mm-dd
yyyy-mm-dd hh:mm:ss
and so on.
As for converting it to something like this:
mm-dd-yyyy
You would have to use the unix timestamp and insert it as a unix timestamp data type. When you pull from the DB you could convert it to the format that you want using what they suggested above- the time formatting functions.
Hope that cleared it up a bit- I know whne I first started out it took me forever to figure out how the heck the time functions worked with MySQl and especially PHP