。
She glanced at her watch and realized it was past five.
Literal
She [topic-は] watch [object-を] see [then-て], 5-o'clock past [is-だ] [quotative-と] noticed.
~過ぎ ('past, after') is a productive suffix for times — 5時過ぎ ('a little past five'), 8時半過ぎ ('after 8:30'), 30分過ぎ ('30 minutes past'). The te-form 見て threads the looking and the noticing into a single sequence; に気がつく would mark the surprise or trigger if there were one, but here the embedded clause is marked with the quotative と + 気がつく. The passive subject of 過ぎ as 'past' overlaps with the verb 過ぎる ('to pass') — same root, different uses.