Last I heard, the GUID generation algorithm uses a few pieces of information that help to make it unique even across time and loation.
One piece that it uses is the time/date that the GUID deneration function was called. That way, if you call it again, then you will get a different number.
Another piece that it uses is the MAC address of your network card (if you have one) and/or the serial numbers of the motherboard and/or the CPU. This allows the GUID to be unique to a specific computer. Wanna test this? If you have a NIC card, then go ahead and generate a GUID (you can do this by compiling a quick VB ActiveX DLL) and look up the GUID in the registry.
{XXXXXXXX-XXXX-XXXX-XXXX-************}
The last part (last 12 digits) of the GUID is your MAC address. And, as a side note, allows people to track what computer a GUID was generated on AND, consequently, what computer compiled an ActiveX component.
That is the info that I have on the matter and that is why GUID generation does not need to be universal or talk to some global server to verify that it is unique. - Jeff Marler
(please note, that the page is under construction)