Using server time for event coordination may be a bit painful. The day/night cycle is loosely tied to an existing notion of server time, and as you may notice, that cycle is pretty short. To get an idea, go take a look at the various clocks in game. The minute hand moves pretty darn fast!
I cringe at the thought of adding another kind of "server time" that coincides with real time, in addition to the existing server time that controls the day/night cycle. That creates ambiguity and thus confusion, especially if the designers decide to make use of the current notion of server time later on. "Which server time? The slow one or the fast one?"
Similarly, slowing down the existing server time sucks for everyone. Since people play on a loose schedule, they'd probably end up seeing the same time of day in game each time they log in.
Some non-interesting clock window (like the notepad) may be within the realm of possibility, though the time displayed on it would either be some combination of GMT and/or local time, but not server time, for the reasons listed above.
As far as event coordination goes, I suggest using some of the existing tools for that purpose, for example,
http://timeanddate.com/worldclock/fixedform.html. At least that way, as a participant, you don't need to log in or do anything fancy to figure out how long you have until the event starts.
Also, I suggest learning the GMT offset for your time zone and figuring out how to convert between two time zones given their GMT offsets. We're all part of an international community, so the ability to convert between time zones is as important as being able to tell time.