I had a pretty cool experience with kind of thing you are talking about(but not exactly), Gannon, in video game. I was playing cs source, and had very huge lag for 10+ mins. One moment I was standing still then after a few seconds I zoomed right into direction where I was supposed to be, every action unfolded but 10x as fast as real time. It was pretty cool, but obviously unplayable because I only learned how to play in real time And of course the time didn't "truly" slow down for me, it's just the server couldn't keep updating positions of players real time and transfer that information at the same rate to my computer.
The only thing I couldn't do was go back in time, otherwise time was speeding up incredibly fast, slowing down or standing still, while everyone else in the game were experiencing steady passage of time. This is kind of like what Einstein said in his relativity theory, passage of time is relative to the observer.
Well, there isn't such a game invented yet where everyone gets sent back in time and all actions are undone. At least there would have to be some kind of markers or it would be a replay.
Which leads me to a simple reasoning: IF we are able to go back in time, a mechanism for observing the past (events that unfolded) would be easier to achieve than actually going back in time and change the outcomes.