ChronoGPS (http://www.chronogps.com/) is what i use, and it makes a pretty damn good lap timer.
Much better if used with a 5hz GPS, but the 1hz i have for just navigation works ok too.
Does both live timing, plus logging, and has the ability to be connected to a WiiMote for G-sensor input.
Im currently running one off an EeePC, and mucking around with it for timing my route to work etc, works a charm.
Had a chance to chuck it in someone elses car a while back on the track and it worked beautifully, albeit i only had a 1hz GPS at the time, so it wasnt updating as fast as it could have.
Still waiting for WiiMote prices to drop a bit so i can pick up one of those.
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