is there a software i can use to restore the system to a exact point in time ? say the exact state of the system 2 hours back or 10 minutes back ...

im not sure about that but you could use system restore to restore your computers settings back to what it was a few days ago (of yesturday, depending when your restore points are)
what is your reason for doing this? there may be other options/posibilities to try.

Mike