I snatched a picture of this pocket watch from Cyberspace Malls International some time ago. Then I reduced the number of colours, and removed the hands (which you might guess were at "twenty to four"). The thread works by double-buffering the central part of the image and painting the hands on. The hands are filled polygons that are defined by a sequence of half their points (since they are symmetric). A simple transformation is applied to all the points so that the hands point in the right directions.
Also, you may find (if you have hardware with sound capability) that Mickey sneezes on the hour every hour. He should sneeze out the correct number of hours but it depends if your machine is capable of running the thread at full speed.