Hours, minutes, seconds and milliseconds.
Normal stopwatch functions: Start, Pause and Reset.
Countdown with alarm.
Lap Timer with up to 5 laps (see help).
The timer itself should be extremely accurate as it uses the phone itself to calculate the time. As far as testing it goes, well, that was a bit tricky. I think I stared at it for 15mins before my patience cracked but everything seems ok (again, use at your own risk, but I'm pleased to say I haven't nuked anyones phone sooo far). If you find any glitches I'll get on the case.
Most of the controls are pretty obvious but I've included a help section to the app which I think covers most things.
I used an icon for the phone which I couldn't find any credits for. If that's your icon PM me and I'll credit you or remove it as per your wishes.
To install, copy the cab to your start menu (or wherever you like) and run.