Perl, <strike>99</strike> <strike>81</strike> 75 bytes
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    {($s,$n,$h)=localtime(time);printf"%02d:%02d:%02d\n",$h,$m,$s;sleep 1;redo}

<strike>while(1){my($s,$n,$h)=localtime(time);printf"%02d:%02d:%02d\n",$h,$m,$s;sleep(1)}

<strike>while(1){my($s,$n,$h,$x,$x,$x,$x,$x,$x)=localtime(time);printf"%02d:%02d:%02d\n",$h,$m,$s;sleep(1)}</strike>