Hi,
I found the solution at
http://www.watchliquidators.com/fossildir/Nike.asp
Hold down the button at the top left (the light) for about 4 seconds. The second part of the time will start blinking. I tried this before, I'm sure, but I must not have noticed the blinking and thought nothing was happening.
Once the seconds numbers are blinking, push the top right button (Start/Stop) to move to the hour or minute. Push the bottom right button (Lap/Reset) to change the time. When you're done, push the top left button (Light) again.
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