lol no it isnt a real functioning clock, but you did pique my interest so I did some sloppy tests and ends up its entirely possible lul
http://i5.photobucket.com/albums/y198/Elfkin/tiem.jpg
too bad SE made their effect weights lame so you cant have an effect attached to a weapon all the time or else i'd just stick it onto the time wand :\ and I doubt you'd want to try to tell time in battle by looking at the wand while you're swinging it as opposed to typing '/clock on' xD ALAS this does bring up some neat possibilites for armors...