This is an abandoned snippet from early 2006, described at Showing Perfect Time, Showing Perfect Time (Unobtrusively), and the embarrassingly titled Son of PerfectTime: The Validationator!.
Take it, and do with it what you will. I wouldn't recommend actually using it for a variety of reasons (and I certainly don't claim any ownership or responsibility for the code or it's impact on your life), but the JavaScript isn't complete crap.