I don't think it's possible to do this accurately for any significant scale of time.
There are some games that allow you to rewind the latest x seconds or so, prince of persia, braid. And if you "send" the player back in time to accomplish a specific task with a predetermined result you can do that... but to allow the player to arbitrarily go back in time and make arbitrary changes is I think, impossible. This is because in order to accurately determine what effects their actions had requires that you Simulate the entire span of time they skip. Depending on the scale of change the simulation has to run in high resolution... for example, if a player goes back in time 20 years and sets a trap in some random alley and then returns... it nearly impossible for that trap to go undiscovered the entire time, it's also fairly impossible to determine who will find the trap and how. It could be someone finds the trap, and disarms it resulting in no significant time line alteration... or some important figure could spring the trap as a child and die, significantly altering the time line... you wouldn't be able to determine this without simulating the AI for the entire population for the entire 20 years... not to mention the AI would have to be pretty complex for changes to be meaningful.
So, sending the player back to specific points in time, to accomplish specific actions which result in specific results would be possible, but allowing arbitrary time travel making arbitrary modifications for emergent results would not.
Achron does allow arbitrary time travel, and it's a mindbender. But it's not exactly a successful for accessible game.