Effectively immediately, [b:fe4dd1848a]all "Frenzies" can be scheduled for any hour (on the hour) during the day between 10am-1am ET.[/b:fe4dd1848a] This is for all games under the central SOM Online site (2007-2010, ATG, 1986, 1999, Btt90s) only.
(A quick summary of what a Frenzy is for the uninitiated: when a league is created with the option for Waivers turned off, that means all undrafted players become available as Free Agents to be picked up on a first-come, first-served basis immediately after the league's Auto-Draft occurs (which has previously been at 12:05am ET). This period of unbridled mouse-clicking insanity is called a Frenzy.)
Now, the Commissioner (i.e. the creator) of a given Frenzy league has the power to set a date and time at which the Auto-Draft will run, and immediately after which the Frenzy will start. Once he's set a time, he may change it up until one hour before that time.
[b:fe4dd1848a]Note: if the Commissioner does not set an Auto-Draft/Frenzy time, the draft will not run.[/b:fe4dd1848a] The draft won't automatically run at 12:05am the night the league fills anymore; the Commissioner must set a specific time. This is for clarity's sake, as the old 12:05am time is now arbitrary. This can be addressed in the future if there is enough demand for it, but by nature Frenzy leagues are more of a spontaneous thing anyway, so the Commissioner is usually on hand to set an appropriate time.
Also, I can envision a theoretical setup where you still schedule the Frenzy time for your league, but the Auto-Draft runs immediately when the league fills (as it does with a Waivers league). This would give the league time to look over the draft results and formulate a plan of attack before the pending Frenzy. I'm afraid it would get confusing having this as an additional option, but feel free to let me know if it interests you.
Just a little background... the opportunity to implement this arose last month when I was upgrading the league creation options to support Free Trial leagues. I thought I'd whip it up since I was "under the hood" and I remembered this was an interesting community request. I hope you crazy Frenzy vets - and I mean crazy in the most endearing way - enjoy it. I'm also working on bringing you more new goodies in the near future.