Let's take a look at the script:
<SCRIPT LANGUAGE="VBScript">
<!--
Sub IeTimer1_Timer()
IeLabel1.Caption = time
end sub
-->
</SCRIPT>
<OBJECT ID="IeTimer1" WIDTH=39 HEIGHT=39
CLASSID="CLSID:59CCB4A0-727D-11CF-AC36-00AA00A47DD2">
<PARAM NAME="_ExtentX" VALUE="1005">
<PARAM NAME="_ExtentY" VALUE="1005">
<PARAM NAME="Interval" VALUE="1000">
</OBJECT>
<TABLE BORDER=2 BGCOLOR=PURPLE>
<OBJECT ID="IeLabel1" WIDTH=137 HEIGHT=39
CLASSID="CLSID:99B42120-6EC7-11CF-A6C7-00AA00A47DD2">
<PARAM NAME="_ExtentX" VALUE="3625">
<PARAM NAME="_ExtentY" VALUE="1005">
<PARAM NAME="Caption" VALUE="">
<PARAM NAME="Angle" VALUE="0">
<PARAM NAME="Alignment" VALUE="4">
<PARAM NAME="Mode" VALUE="1">
<PARAM NAME="FillStyle" VALUE="0">
<PARAM NAME="FillStyle" VALUE="0">
<PARAM NAME="ForeColor" VALUE="#000000">
<PARAM NAME="BackColor" VALUE="#C0C0C0">
<PARAM NAME="FontName" VALUE="Arial">
<PARAM NAME="FontSize" VALUE="12">
<PARAM NAME="FontItalic" VALUE="0">
<PARAM NAME="FontBold" VALUE="1">
<PARAM NAME="FontUnderline" VALUE="0">
<PARAM NAME="FontStrikeout" VALUE="0">
<PARAM NAME="TopPoints" VALUE="0">
<PARAM NAME="BotPoints" VALUE="0">
</OBJECT>
</TABLE>
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First look at the text above. The actual "script" is quite small. It's only three lines long.
What follows is two OBJECTS. See that above? The command <OBJECT> starts off each one.
To understand why, let's go back to 1991. That's when Microsoft began playing with this format they called OLE, Object Linking and Embedding. It was a way to create documents (spread-sheets mostly) that would allow many different working parts to all be stuck within the same domain. The parts would all do different things, and they would all work together. A good idea. Each part was referred to as an OBJECT. Each independent and each fully functioning.
The First Object Looks like this: