STEP ONE

Create a movie clip and draw a line perpendicular to the center for the mc(movie clip) and give a name "sec":

STEP TWO

Create two more clips for "min" and "hour" with varying size for the particular hands.

STEP THREE

Create one more mc(time) and drag the three mc(sec, min, hour) so that their centers coincide like the hands of a clock.

STEP FOUR

Give an instance name for the particular clips (sec, min, hour) in separate layer.

STEP FIVE

Create a new layer on the top & copy the code below:

time=new Date(); // time object
seconds=(time.getSeconds())*6; // calculating seconds
minutes=(time.getMinutes())*6; // calculating minutes
hours=(time.getHours())*30; // calculating hours
sec._rotation=seconds; // giving rotation property
min._rotation=minutes;
hour._rotation=hours;

NOTE

Note: this clock works on your system time.