CrunchBang Linux

yes. right click to bring up the main menu. under "Settings", then under "tint2", there is an "Edit config file" option, and in that, you should find the code:

# Clock
time1_format = %H:%M:%S

and after the equals sign, enter your time formatting, not in quotes. for example:

# Clock
time1_format = %-I:%M %P

additional time formatting codes can be found at http://linux.die.net/man/3/strftime

...the dash in front of the uppercase "i" apparently means "Do not pad a numeric result string", which i guess will save some space.