How would one go about displaying the time that a feature was edited or digitized in a date field so as to display MM/DD/YYYY 12:00:00 AM in the attribute table?
ArcGIS has a facility to record the user that created and last modified a feature, either spatially or attribution, it is called Editor Tracking and must be enabled in a feature class to be used. This will not backdate all your features! Users and times will only be recorded from the time that editor tracking is activated.
Editor tracking is available on personal (.mdb), file (.gdb) and SDE databases at the feature class level and is claimed be able to activate on any license level, though I suspect that you would need at least a standard license as well as database permissions to enable on a SDE feature class.
To enable editor tracking fields must be added to the table if they don't already exist and requires a schema lock on the database, which means that your instance is the only instance that is looking or has looked at the database - even a catalog window that browsed the database last week can still hold a schema lock if it is still active. Note that if the required fields exist but are the wrong type the tool will probably have a cow.
It is important to note that all editor tracking is done in UTC and if you don't live in UTC+0 time zone you might like to convert the datetime to your local time zone, this can be done with the Convert Time Zone tool to a different field; the create/update date is a system field and you shouldn't be able to calculate it.