How to Gracefully Compensate for an Incorrectly Set Clock
spideroak.com
spideroak.com
Youtube does the rate limiting on the server, it seems: the download starts fast when you seek, but decays to the actual video bitrate over time. In that case, your client can't do much about it.
But in general, you can't trust the client, because you can't trust the client's libraries or OS (or that the "real" client is even running). In this day and age of cheap hardware-assisted virtualization, even the OS can't trust the hardware.
Edit: sp332 gives a concrete example in this post: http://news.ycombinator.com/item?id=2527380