Following query gives me the result I want but I still need help with a script that will process only the newer log files.
C:\Program Files\Log Parser 2.2>logparser -i:IISW3C "Select QUANTIZE(TO_LOCALTIME(TO_TIMESTAMP(date,time)),3600) As Hour, Div(Sum(cs-bytes)
,1024) As Incoming(K), Div(Sum(sc-bytes),1024) As Outgoing(K) From C:\Temp\ex*.l
og Group By Hour" -o:NAT