The game seemingly resets its Norrath time when there's a hard server reset. I believe it starts at 3100-something (I forget exactly). I don't know that the date serves any function except to pair alongside the founding dates listed on the signs for several of the in-game cities as a means of illustrating that the world is OLD (some of those cities are a good thousand years old, and others probably older still) and things change only slowly. There could be additional out-of-game lore regarding this subject but I don't care enough to have ever looked it up and at any rate anything that doesn't appear in-game shouldn't strictly be regarded as canon anyway.
Norrath time is sped up by a factor of twenty. 20 game hours per realtime hour (3 minutes per in-game hour), 20 game days per realtime day, etc.
Danth
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