While hosting a 1.7.2 default Minecraft server, 1.7.4 client, I was digging around underground, when I decided to pause the client and change the system time to edit some old .mp3s(without losing their created date/time) to March 26, 2013, and then I changed the date back to today, December 16, 2013, and when I resumed the client, I noticed that when I place water, the effect was INSTANT, and the sun/moon were flying around the skybox, verry fast. Lava did the same as water, but was slightly slower to dry up. Here's the server log while I was doing the above: http://redsandbox.no-ip.org/Files/Minecraft/Glitches/Fast_Daylight_cycle.txt

Pictures(I'll upload five or six to this issue): http://redsandbox.no-ip.org/Files/Minecraft/Glitches/Pics/

Also, I had the following /gamerules on beforehand:

doMobSpawning = false
mobGriefing = false

The difficulty was set to normal, if that matters.