Not that I have ran into this, but I am sure that it is entirely possible. UNIX (and Linux) base all date information on the number of seconds since January 1st, 1970. This is known as the UNIX Epoch.
As a side note, there is a potential serious problem when 2038 hits. At that point, there will be more seconds in the Epoch counter will exceed its 32 bit placeholder. Essentially we will run into similar problems that we faced in Y2K.