Hello Frogleg,
Thanks.
I think your solution will give me a one second timer which is not exactly what I am looking for.
Please see my previous reply to Sam Hobs where my question is better described.
Sam

Hello Sam Hobbs,

I am aware of the fact that there is no direct property that will indicate a timer's 'current' state in terms of elapsed time, which is actually what I am looking for.
I have a Timer Enabled (Started) and I wish to know (1) if it is actually running and (2) its momentary current position relative to its start time (This is the timer's elapsed time or the time left to raise the event).  
The only 'ugly' way of doing it is by starting simultanuesly a recycling fractional internal timer (like 100mSec) and use its output to get the main timer elapsed.
The problem is that such option does not indicate if the outer main timer is actually running. 
(There is a virtual method IsTimerRunning that can be used for that, but I am not sure how to use it). 
I needed it mainly for debugging, but I can be without, although I think it could be a nice feature to use.
Sam