Mac OS X 10.7.5 date and time glitch

That appears to be the display of a customized Date & Time.

Custom D&T display can be set by clicking System Preferences > Language & Region.

If a custom format was created, you can use the guidance linked below to reset the defaults.

Please see: Change how dates, times, and more display on Mac - Apple Support

Okay, that's weird. 🙂

Let's try a defaults reset once more.

• Open System Preferences > Language & Region

> Does the chosen Region also say (Custom)? If so, continue on...

• Click the Advanced button

• Click the Dates tab

• Click Restore Defaults and click Okay. (If the button is greyed out, then assume the defaults are already in place.)

That should do it.

If not, try the same again when booted into  in Safe mode (press and hold the shift key down at startup). It can take much longer to safe boot (5 min) so be patient.

How to use safe mode on your Mac - Apple Support 

When you're in safe boot, the machine will not be at its best performance, especially with graphics, but that's expected.