Hi Token,
I like your code and design

especially the "Retour-en-vol" feature aka "Flyback", where the reset button works even while the stopwatch is running. This feature is very usefull for tennis umpires and golf referees.
If screen space permits maybe you could add a "Lap" feature which would stop updating the display (whilst still running the stopwatch) until the button is pushed again.
One thing I did notice is that it takes 67 real seconds on my PC for the stopwatch to clock up 1 minute and similar times in My PPC.
I think this is because the timer does not wake you up exactly as requested.
On My PC I observed an occasional 101 ms interval and about once every 10 or so events the interval was 110 ms (which explains the extra 7 seconds per minute). On the PPC the intervals tended to be more regular but were usually about 102 or 103 ms but still with the odd very large one.
One way to combat this would be to get the msec value of GetTickCount (from the dz.dll library) whenever the start button is pushed and divide by 10 to get a tenths of a second value. Then set the timer value to (for example) 31 msec so that you definetly get woken up multiple times every 1/10th of a second. Each time you wake up get a new value of Get TickCount, divide by 10 and if this value is greater than the last sample then increment your counters.
Cheers
Nick