Just to expand on holli's excellent suggestion ...

perl -MPOSIX -le'print strftime "%x %X", localtime time' 
07/06/05 17:05:49
[download]

There are many more formatting options, have a look at the strftime docs

Update

Sorry did not read the OP too closely, he wants AM or PM so this may be more like it ...

perl -MPOSIX -le'print strftime "%r  %x", localtime time'
06:47:16 PM  07/07/05
[download]

Cheers,
R.