This sounds more like something that belongs on eeggs, the fact that it alternates between noon and 4:30 probably has some strange meaning. I, however, have no idea what it could be.
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Homer writes:
The watch was up the guy's butt for a good "time", something must've gotten to the mechanism.
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fletcher writes:
I think the time 4:30 is the number used for a police call when someone is in possession of drugs. I may be wrong though!
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The Divine Intervenor writes:
Personally I think it was just because they had to film the sequence quite a few times to get it right. The picture doesn't leave Walken's face for a while during one part, therefore it would have been pretty hard to get it right without being able to edit it.
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phunky writes:
there are a lot of rumors that all of the clocks in the movie are set to 4:20, which is a drug reference. The only clock in the movie that is set to 4:20 is when Butch is going back into the shop basement to help Wallace. Walken's watch, the Wolf's watch, even Brad's watch, and the clock in Jimmy's kitchen all display different times.
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Smiley Guy writes:
Don't you think that Christopher Walken's character might be fidgeting with the watch, thereby changing the time as he hands Butch his "birthright"?
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joinson writes:
As the film is shown through peoples memories and points of view, maybe Butch didnt know the time as he was a kid when given the watch and now a grown man so he didnt know what time it was and thats why it changes