I think it'll work -- though you have the day of Christmas wrong! :) As Michael suggested, you can test by changing your clock (or using tomorrow's date and leaving it overnight).
Here's a somewhat cleaner version:
import time
while time.strftime('%b, %d', time.localtime()) != 'Dec, 24':
time.sleep(60)
print "It's Christmas"
raw_input("Enter anything to close\n")
Another approach would be to calculate the number of seconds until Christmas morning and then just time.sleep()
that amount. Or, for increased robustness to e.g. changing your clock time, time.sleep()
half the time and then repeat (taking care to stop the halving once it got small enough).