Guys,
I created my own timer tool, got inspired by walker, but kept it simple. Please try it and give feedback (i.e. kudos

)...
Highlights of the tool...
1. There is a text file created each time you start a test. This file will track the time taken per question. It is saved in the same folder as the GMATimer.exe
2. There are two timers, one is a per-question-timer and the other is a countdown timer for 75 mins. The per-question-timer will blink in Red to indicate that you have spent more than allotted time to the question. I have kept 2:00 for Quant and 1:48 for Verbal.
3. Timer will stay on top, no matter how many times you switch windows. It will sit unobtrusively on the Window Title Bar, near the Windows Close button
4. You can Pause & Re-start the test anytime you like, as many times you want.
I hope my one hour effort is worthwhile...
-Hideyoshi