Shawn,
If you check out this link on Syncfusion's Winform FAQ site, it might help get you started.
http://www.syncfusion.com/FAQ/WinForms/FAQ_c41c.asp#q894qPoints 2.12 and 2.13 talk about it, and 2.13 has a link to some code that might give you some ideas.
As far as I know, the statusbar is a collection of panels, so you can add panels to a statusbar, and then add controls to a panel within the statusbar.
If you look up statusbar and statusbarpanelcollection in the on-line help, you'll find some examples. Here's a good one that should also help, maybe even more than the first one.
ms-help://MS.VSCC.2003/MS.MSDNQTR.2003FEB.1033/cpref/html/frlrfSystemWindowsFormsStatusBarStatusBarPanelCollectionClassAddTopic1.htm
Is there a clock control? I've only displayed a clock once, with a date/time control and a timer...maybe there's a better way to do it?
Kevin