What components needed to read sensor at a given time and some other questions.

as the topic says I'm looking to figure out how to set up something to read a sensor at a given time, and then more or less shut off until that time again. I'm also trying to figure out how to run something that checks for a sensor reading being >xxx else. the if would have another if else embedded, the problem I'm having is it is incorrectly printing the inner if else answer the first time and then working correctly. I'm most likely going to have some more questions related to code and circuits.

I'm looking to figure out how to set up something to read a sensor at a given time, and then more or less shut off until that time again.

You need some form of a Real Time Clock.
http://playground.arduino.cc/Main/DS1302
There are several different available.

As for the second part of the question, you'll have to post your code. My Ouija board is broken.

const int analogInPin = A0;
const int analogInPin2 = A1;


int sensorpin = 0;
int sensorpin2 = 0;


void setup() 
{
   Serial.begin(9600);
}
void loop() {
  sensorpin = analogRead(analogInPin);
  sensorpin2 = analogRead(analogInPin2);
  if (sensorpin2 >55){
  if (sensorpin > 600){
    Serial.println("Sensor1 Working");
    delay(1000);	       
  }
  else
  {
    Serial.println("Sensor1 Failure");
    delay(1000);
  }
  }
  else{
    Serial.println("Sensor2 Failure");
    delay(1000);
  }

}

Also if I was to do this with say an Arduino Yun which has access to the internet and alot more, is there a way i could make it check the time and calibrate the RTC every so many days?

Try untangling the two if statements. if...else, if...else. Not if, if, else, else. That way you won't confuse yourself.