so i was wondering if it was possible to slow down how quickly a day progresses in skyrim when the creation kit is released

Or, you could just set timescale in the console. The default is 20, 1 would be real time. All you need to do is open up the console, type 'set timescale to #' (with # being the number you want, of course), and your time goes slower or faster, depending on the number you chose. I've been playing with 8 thus far and it works well for me, but maybe you'd like it slower or faster than that, so just try different things.

forgot to mention i am on the xbox (my pc can't run skyrim, it couldn't win a race against an ashmatic)

Mods not possible on the console versions.

they are bringing out the construction kit for the xbox though

Source?
Seems unlikely.

Edit: Last I heard the construction kit will ONLY be available for the PC version.

http://www.videogamer.com/xbox360/the_elder_scrolls_v_skyrim/news/skyrim_mod_tools_planned_for_360_and_ps3.html

there was another one of these that said it will be released soon, but i lost it

something else interesting regarding olblivion in this one
http://www.oxm.co.uk/30911/featureswhy-xbox-360-needs-skyrim-mods-but-will-never-get-them/

No, this is when they were talking about the possibility of collaborating with Sony and Microsoft to allow mods onto the PS3 and the Xbox.
This isn't definitely going to happen. It just means that they're hoping to get it done and eventually Sony and Microsoft will work out a 'safe' way to allow player mods onto consoles.
You'll be waiting a while though.
Might not even happen on this Gen of consoles.
Sorry.

Edit: I should make clear it's possible to get mods for the Xbox and I think the PS3 but it requires you to make changes to things that you're not supposed to.