sure it can, you just use system.
http://us2.php.net/system
How to accomplish this task,
hmmm,
I would say that you would open a socket to the other machine and execute a php script on that machine which returned the local time stamp.
Then use system to set the server time on the local machine to the timestamp returned from the other machine.
I've never played with sockets so I can't help with the actual code though.