Comment 3 for bug 497504

Alex Sims (alex-softgrow) wrote : suggests that altering /etc/default/rcS would resolve this problem for a Live CD.

Changing from UTC=yes to UTC=no would mean that the BIOS time would be treated as local time rather than UTC time.

The difference is the way Ubuntu Linux and Windows handle time, Windows considers the BIOS clock of the computer to be the local time where as Ubuntu considers it as UTC time. To solve this we would have to set Ubuntu Linux to consider the hardware or BIOS clock as local time

This may be a possible solution but then the timezone would need to be set somehow for LiveCD use.