If you are storing dates that are after Jan 1, 1970, and won't ever store older dates, then use the strtotime() function to turn your date and time into a Unix Timestamp value, and store them in a column that is INT(12) type.
Otherwise, store your date in a DATETIME type field (YYYY-MM-DD HH:MM:SS)
Either way, it is sooooooo much easier to do date and time calculations when it is all in one instead of split between separate date and time type fields.
Look in the PHP Manual at the date(), strtotime(), strtftime(), time() and mktime() functions.
Also, look in the MySQL manual at using DATE_FORMAT when you extract data.
Ans yes, you can nail it down to the exact second if you need to:
For example:
echo date("s");
gives you the second on your computers clock at the moment the page loaded.