Save the code to a file (binaryclock.py), and in the X-Terminal, run:

python binaryclock.py

It will show the above, without the fancy graphics. I haven't done any graphical programming on the N900 lately, so wouldn't be able to make it run with a nice frontend as you shown above, but the initial idea is there.

If anyone can point me to an easy tutorial on how to use Qt/Widget with python, I'd be happy to give it a shot. If anyone fancies writing a GTK frontend to it, please, join in, the more the merrier.