Is there open code available for implementing a time selector like the one used in HTC Sense?
It’s a wheel and the user can push it up or down to select higher or lower number.
If there isn’t code available, how do I go about implementing it?
At best I would like to have a 59 beneath the 00 to be more like a real wheel.

It’s called a NumericWheel in these code.google pages:
http://code.google.com/p/android-wheel/source/browse/trunk/wheel/src/kankan/wheel/widget/WheelView.java?r=4
http://code.google.com/p/android-wheel/
The source code in the first link has the URL to an Android dev blog which has a little more info. This should get you on your way.