The best method for editing the event output is to use template overrides. Please watch this YouTube video on the steps necessary to create and edit a script:
http://youtu.be/7phxrS824Qw
The links below are written steps to create a template override:
http://docs.joomla.org/J3.3:How_to_use_the_Template_Manager#Creating_Overrides
Edit between the {{#event}} and {{/event}} codes in the file.
The codes used for editing can be found in the event output mustache codes - http://joomla.digital-peak.com/documentation/58-dpcalendar/627-output-rendering
The default code is below.
{{#events}}
<span class="countdown_row">{y<}<span class="countdown_section"><span
class="countdown_amount">{yn}</span><br />{yl}</span>{y>}{o<}<span
class="countdown_section"><span class="countdown_amount">{on}</span><br />{ol}</span>{o>}{w<}<span
class="countdown_section"><span class="countdown_amount">{wn}</span><br />{wl}</span>{w>}{d<}<span
class="countdown_section"><span class="countdown_amount">{dn}</span><br />{dl}</span>{d>}{h<}<span
class="countdown_section"><span class="countdown_amount">{hn}</span><br />{hl}</span>{h>}{m<}<span
class="countdown_section"><span class="countdown_amount">{mn}</span><br />{ml}</span>{m>}{s<}<span
class="countdown_section"><span class="countdown_amount">{sn}</span><br />{sl}</span>{s>}
<div style="clear: both">
<p>
<a href="/{{{backLink}}}">{{title}}</a><br />{{{description}}}
</p>
</div></span>
{{/events}}{{^events}}{{emptyText}}{{/events}}
To change the time and date formatting edit these two lines using the formats from http://php.net/date.
$tmp->set('event_date_format', $params->get('date_format', 'm.d.Y'));
$tmp->set('event_time_format', $params->get('time_format', 'g:i a'));