After doing a good amount of research, I've found the following. Please correct me if you see any incorrect information:
What sources (rtc, ntp, etc.) are queried by Windows to keep time? How does this differ in a mixed Active Directory / Novell environment?
- A time server that is located by NT5DS
- The NTP server specified in the W32Time service parameters key (HKLM\SYSTEM\CurrentControlSet\Services\W32Time\Parameters)
In a Novell environment, the Novell client may be configured to update the time on login. This option is configured under the Advanced Settings tab. The option is "Set Station Time (On || Off)"
What is the order that each source is queried in?
Windows queries the RTC on system startup, then the Windows Time Service takes over. If the Novell client is installed and configured with "Set Station Time" on, it will update the system's time on login.
How does Windows decide whether to act as an NTP client, peer or server?
Windows operates in NTP Symmetric mode. "...in which servers and clients are
indistinguishable yet maintain a small amount of state information..."—RFC 958 - Network Time Protocol (NTP)
In what situations will Windows update the RTC, if ever?
From what I can see, Windows will not ever set the BIOS clock.