This may affect more than just 6.16, but what the hell. Anyway:

System: Windows XP Professional, SP1 , mIRC 6.16
Reproducable: Always

(1) Turn timestamps on while you're on any IRC network, then set your PC's clock to 9-January-2038 3:14:05 AM.

(2) Wait for 5 seconds.

(3) Type something / wait for someone else to type something or for an event to occur.

(4) Note timestamps are no longer appearing.

This is most likely something to do with the Unix Epoch Bug, reference here: http://www.deepsky.com/~merovech/2038.html