I've seen a couple of similar Italian Breitling models over the years and have never quite figured out the 'Key West' 'Naval Air Station' 'U.S. Air Force' and the Thuderbord logo all on one watch. The Thunderbirds are based in Nevada and have nothing to do with Key West. Maybe Top Gun but I think that's at Mirimar but not 100% sure without looking it up. The back cover does resemble those Italian military Colt models but I've never seen this particular model before. There have been some pretty strange looking limited edition Italian models so I guess anything is possible.
http://cgi.ebay.com/Vintage-military-Dpw-Breitling-Pvd-compass-NOS_W0QQitemZ270527912313QQcmdZViewItemQQptZOrologi_da_Polso?hash=item3efcb85979