I spent a long time trying to find an alarm clock that could play MP3 files and that also could display an analog clock. I found quite a few but many of them either used the registry or were just excessively big (IMHO) for the task they were designed to perform.
ThroughClock is a portable analog clock for your desktop with alarm features (play sound, run file etc). It can also syncronize the system clock with time servers on the Internet.
It has a transparent interface for the desktop clock and is highly configurable in terms of font style, colours and general appearance of digits/face. As far as a I know it works on Win 9x as well as Win2k/XP.
The program is by a Japanese author and so some of the translation is not completely accurate and the options interface interface could do with a little polishing here and there, but all in all this is a nice analog clock with alarm.