Updated the demo link in first post.
I've also tested this using the latest jquery and didn't run into any problems running either a single countdown or multiple countdowns.
If you want to run it with the latest jquery replace this part of the template edit:
Code:
<script language="Javascript" type="text/javascript" src="clientscript/jquery/jquery-1.4.4.min.js"></script>
with this:
Code:
<script language="Javascript" type="text/javascript" src="http://code.jquery.com/jquery-1.7.1.js"></script>