What is Universal Time?

Does anyone really know what time it is?

Many weather services and some other Internet services display time as Universal time, sometimes abbreviated as UT, GMT, or Z. The Z (Zulu) time is sometimes just the hour number..

The current UT is:
Sat Feb 4 01:51:40 UTC 2012
The current Z time is:
01Z
It is now:
040151Z

Now what?

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