Geeeze. I print this one off, and later this afternoon someone already answers it. On a Sunday even. Hat's off to ETID.
I have a feeling this has already been resolved by EDIT, but my approach was to create a macro button and assign the following code, so that when pressed, a counter and time value is entered in columns A & B. Just erase everything in columns A & B to start over, since you may want to post the events to another table for later analysis ?
Sub SetTimeOnClick()
CheckValue = Range("A1"

.Value
If CheckValue < 1 Then Range("A1"

.Select ' start on row 1 or if something's there just keep going
RowNum = Selection.Range("A1"

.Row ' Determine Row and Column number from active cell
ColumnNum = Selection.Range("A1"

.Column
ActiveSheet.Rows(RowNum).Columns(1) = RowNum ' Enter Counter
ActiveSheet.Rows(RowNum).Columns(2) = Now() ' Enter the right now time
ActiveSheet.Rows(RowNum).Columns(2).NumberFormat = "h:mm:ss" ' Format as time
SendKeys "{Down}", True
End Sub