I think it should be technically possible, but I don't know of any ways to do this in already existing software.
What I mean — the "hardware" clock in the VM should be able to run at different speeds, for example, several times slower than normal, or 100 times faster than normal. So, for example, a
Thread.sleep(1000); call will not necessarily spend 1 second, but instead it could be any time, depending on the speed of the "hardware" clock. And as another example, if some game uses the timer to control speed of things' movements, then its speed will also change with the timer speed.
Also it would be interesting to know if the speed of actual hardware clock can be adjusted, and on which hardware.
There are 2 seemingly similar questions, but they are about CPU speed, not timer speed (it's a totally different thing). So I think that this question is not a duplicate.