procedure TForm1.Button1Click(Sender: TObject);
var
  Hour, Min, Sec, MSec: Word;
begin
  repeat
  DecodeTime(Time, Hour, Min, Sec, MSec);
  Label1.Caption := IntToStr(Hour);
  Label2.Caption := IntToStr(Min);
  Label3.Caption := IntToStr(Sec);
  Label4.Caption := IntToStr(MSec);
  Application.ProcessMessages;
  until Form1.Tag = 1;
end;

procedure TForm1.FormClose(Sender: TObject; var Action: TCloseAction);
begin
  Form1.Tag := 1;
end;