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Mr. Clock (no official name) is the clock who you find in the continue screen after Rayman loses all his lives. In the PC version of Rayman 1, you can see how many continues you have on the main menu screen. There are only ten Mr. Clocks in the game, but you can't ever earn them back. You get them all at the start of the game. Mr. Clock is a Raymanian, and has his hands set to 2 and 10.
To lose a Mr. Clock, you have to wait for him to count down to 0. To find Mr. Clock, just lose all your lives. If you accept his offer for a continue, he starts dancing uncontrollably. If you refuse or you haven't got any, he looks tired.