Here the part of the code that displays post date and time. $post['dateline'] is a timestamp, and $post['postdate'] and $post['posttime'] are the date and time that are displayed.
Code:
// format date/time
$this->post['postdate'] = vbdate($this->registry->options['dateformat'], $this->post['dateline'], true);
$this->post['posttime'] = vbdate($this->registry->options['timeformat'], $this->post['dateline']);
I don't know if there's a vb function to go the other way (I can't think of anywhere where a user enters a date and time), but there's a php function called strtotime:
http://us2.php.net/manual/en/function.strtotime.php . You'd have to figure out how to apply the current user's timezone (and maybe handle daylight savings time). Maybe you could look at the code for vbdate and figure out how to go in the other direction (unless someone else knows a better way).