What is wrong with you people? I skimmed the entire thread, and we're almost 50 posts in and nobody has mentioned Swatch Internet Time yet.
The idea has already been done, and in fact physical wristwatches were produced:
http://en.wikipedia.org/wiki/Swatch_time
I knew a guy that was a huge proponent of Swatch time. Unfortunately, he was the
only person I ever heard of adopting it, so he essentially lived in a time zone of one. I felt sorry for him and would occasionally refer to times in swatch time just to throw him a bone and make him feel better about his lifestyle choice.