Comment Club Drive on Atari Jaguar did it 14 years ago (Score 1) 507
I started playing Club Drive on the Atari Jaguar (pretty crappy game-wise, but interesting enough, and it really entertains my 2 year old son). It has a Rewind feature where you can rewind the action at any point. (It also auto-rewinds to bring you back onto the road if you fall off a cliff and into the ocean, in the San Francisco world, for example.) This game was from 1994. "Prince of Persia: Sands of Time" came 9 years later.
Sorry, the Atari fanboy in me is showing.