An external clock is usually located on another system and can be accessed with software. You can get software to sync your internal clock to that other system. The National Institute for Science and Technology (NIST) hosts a clock that many computer users and businesses sync to.
Wow...can that answer be any more wrong?
Internal and External clocks are NOT referring to the "time of day" type clocks, they refer to the internal processor clock cycle or an external clock source. The clock cycle of a processor is the time it takes for the processor to execute a data instruction (very basic explanation there) and is measured as the speed of a processor, like a 2.6gHz processor can execute 2.6 billion clock cycles per second.
Now this is somewhat misleading as the processor speed itself is probably only 400MHz, but using an External Multiplier (clock multiplier, external clock), you increase the total amount of data the processor can execute in one clock cycle.
This is a VERY basic example and I don't have time to really go deep, so it's best to search for a more concise answer if you really require one.