Here is the link to the writen tutorial with the action script there too:
http://www.tutorial5.com/content/view/130/46/
this.onEnterFrame=function() {
var time = new Date(); /* we create a new Date() object*/
var hours = time.getHours(); /* currents hour represent like an integer between 0 and 23*/
var minutes = time.getMinutes(); /* currents minute represent like an integer between 0 and 59*/
var seconds = time.getSeconds(); /* currents second represent like an integer between 0 and 59*/
hours_mc._rotation = (hours*30) + (minutes/2); /* There are 12 hours on the clock, so if a circle has 360 degrees, 360 divide by 12, means that the angle correspondig for each hour is hours*30. The angle between every two consecutive hours is 30. We will add to the rotation the angle correspondig for the minutes passed from current hour that is (minutes*30)/60, that means minutes/2*/
minutes_mc._rotation = 6 * minutes; /* There are 60 minutes on the clock, so if a circle has 360 degrees, 360 divide by 60, means that the angle correspondig for each minute is minutes*6.*/
seconds_mc._rotation = 6 * seconds; /* There are 60 seconds on the clock, so if a circle has 360 degrees, 360 divide by 60, means that the angle correspondig for each second is seconds*6.*/
}