What is the accuracy of setting the time using WinXP time sync utility?

It lists two servers:
time.windows.com
time.nist.gov

I assume it is based on NTP. Does NTP take into account the
transmission/network delay between
the server and my PC? Assuming the server itself is very accurate, is
it possible to set the time of my PC to one millisecond?  What is the
most accurate way to set the PC time? Are there any GPS devices that
connect to a PC and can set the time to a single millisecond?

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