First the quick and dirty way, and second the precise way (recognizing daylight's savings or not).
import time
time.ctime() # 'Mon Oct 18 13:35:29 2010'
time.strftime('%l:%M%p %Z on %b %d, %Y') # ' 1:36PM EDT on Oct 18, 2010'
time.strftime('%l:%M%p %z on %b %d, %Y') # ' 1:36PM EST on Oct 18, 2010'