1. A system for precise absolute time event generation and capture, comprising: a timing event generator for generating output timing events, wherein the output timing events may be a rising edge, a falling edge or any combination of a rising or falling edge; a timing event receiver for sensing input timing events, wherein the input timing events may be a rising edge, a falling edge or any combination of a rising edge or falling edge; a universal clock receiver for obtaining an absolute time clock signal; and a processor in communication with the timing event generator, the timing event receiver and the universal clock receiver.