Damn mouse back button ate my post... :(
Anyway, I think that what Mark was asking is if there is (I think there isn't, so think about it as a feature request!), a keyboard shortcut, say, Win+S, to show/hide the stopwatch.
On a similar note, can you add an option for it NOT to render the normal border? Using themes, the stopwatch window partially covers the menu bar or horizontal scroll bar of the underlying window...