You don't need the server.
With more recent versions of ntp you may not need ntpdate,
either. Not sure whether the ntp that comes with your bunut
will do this, but older ntps refused to synchronise time when
they were out by 3600s (I think ...).
As for the configuration: install ntp, read the man-page for
ntp.conf and edit your if what ubuntu installs doesn't suite