<script type="text/javascript">
window.onload = function(){
    document.getElementById('a').onclick = function(i) {
        return function() {
           document.body.innerHTML = --i > 0 ? i : 'Oops!';
           window.setTimeout(arguments.callee, 1000);
           return false;
        };
    }(60);
};
</script>
<a href="#" id="a">click</a>

<span id='timer'>60</span>
<input type='button' onclick='start(); this.onclick = new Function;' value='начать отсчёт' />
<script type='text/javascript'>
	function start() {
		var t = document.getElementById("timer");
		setTimeout(function () {
			if (--t.innerHTML == 0)
				t.innerHTML = "Time is out!";
			else
				setTimeout(arguments.callee, 1000);
		}, 1000);
	}
</script>

arguments.callee // TypeError 
arguments.caller // TypeError