It's technically feasible, but not practical (assuming you want the stop
watch actually to run). Word is not that sort of application. If you want
live action on screen, use an application designed for the purpose -- there
are plenty of them.
That's a big question, that you can't answer without taking a view on your
org's IT development. The MS route is InfoPath and SharePoint. Personally, I
think SharePoint is a crock of s**t: MS trying to impose a proprietary
standard on an increasingly open-source world. There are any number of
open-source methods, using java, javascript, perl, etc.
Or forget your stopwatch and stick to static Word docs.
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