Most windows releases share a common core with servers and most all the services are there, they just need to be enabled and configured.
A quick google yields this:
With win xp
http://support.microsoft.com/kb/314054
Click Start, click Run, type regedit, and then click OK.
Locate and then click the following registry entry:
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\W32Time\Config\
In the right pane, right-click AnnounceFlags, and then click Modify.
In the Edit DWORD Value dialog box, type 5 under Value data, and then click OK.
Enable NTPServer.
Locate and then click the following registry subkey:
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\W32Time\TimeProviders\NtpServer\
In the right pane, right-click Enabled, and then click Modify.
In the Edit DWORD Value dialog box, type 1 under Value data, and then click OK.
Exit Registry Editor.
The Win 7 PC configured as follows:
1. In the 'Services' window(part of Administrative Tools) Stop the 'Windows Time' service if already running. The 'Startup Type' could be set as Manual or Automatic depending on the user needs.
2. In the Registry Editor following changes to be made under the Key HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\services\W32Time:
** Config -> AnnounceFlags = 5.
** HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\services\W32Time\TimeProviders\NtpServer -> Enabled = 1.
3. Start the 'Windows Time' service in the 'Services' window(part of Administrative Tools).