You are missing a call to .knob();
.
Try this:
function ShowKnob() {
var knob="<input id=\"dialSeconds\" data-cursor=\"true\" class=\"dial\" data-width=\"125\" data-height=\"125\" data-thickness=\"0.275\" data-min=\"0\" data-max=\"59\" data-readOnly=\"true\" data-displayInput=\"false\" data-fgcolor=\"#999\" value=\"59\" style=\"position: relative !important; margin-top: -300px !important; color:#999 !important;\" />";
$('#knob').html(knob);
$('#knob').knob();
}
<div id='knob'>boom</div>
And see in action here: http://jsfiddle.net/tp8Xp/