Holy cow, I wrote a book!
Windows XP ships with a number of icon overlays.
The black clock is particularly baffling because you sometimes see it even if your system is not equipped with Hierarchical Storage Management. When this happens, it's because some program (typically a setup program) didn't check error codes properly.
CopyFileAttributes(LPCTSTR pszSrc, LPTSTR pszDst) { SetFileAttributes(pszDst, GetFileAttributes(pszSrc)); }
The above code fragment fails to check for an error code from GetFileAttributes. It so happens that GetFileAttributes fails by returning the value 0xFFFFFFFF. If you fail to check this error code, you end up setting every possible attribute on the destination, including FILE_ATTRIBUTE_OFFLINE. FILE_ATTRIBUTE_OFFLINE is the flag that tells Explorer that the file has been archived to tape.
GetFileAttributes
FILE_ATTRIBUTE_OFFLINE