In another thread, there was this argument started about whether the Master Sword held power over time, or if it was just a key. Since that thread wasn't in the theorizing section, I decided to create a thread about this argument in the theorizing section.
I myself believe that while the Master Sword can be a key to the Sacred Realm, it also holds some power over time. I base my belief on this quote from Shiek: "... As long as you hold the Ocarina of Time and the Master Sword, you hold time itself in your hands... Link, we shall meet again!" In
OoT, Link uses the Master Sword, not the Ocarina of Time, to travel 7 years through time.
There is also some other evidence that the Master Sword has some power over time in other games. In WW, when Link pulls the sword out of its pedestal, Hyrule Castle and the monsters in it, are no longer frozen in time. At the end of WW, when Link stabs Ganondorf with the Sword, he turns to stone. He could really be frozen in time, however.
One more thing. No matter how many centuries old the Master Sword is, it always stays in the same condition. It never rusts or anything. It could itself be, frozen in time when in the pedestal of time so that it will always be in perfect condition for Link to use.