Not quite sure I understand the issue, but I'll try none the less.
The iPhone is not a real time system, as such you cannot create a timer that is guaranteed to go off in a particular interval. It does its best though to meet your settings. The above code is a cocos timer, and it provides you with delta, which is the amount of time since the last tick occured. You can use this to calculate how much time has passed:
-(void) timer: (ccTime) delta2 {
NSLog(@"%f seconds have passed since the last time this function was run", delta2);
}
By adding up these fractions of a second you therefore also know what the total time is since the timer was launched.
A different approach would be to use an NSTimer (see the iPhone sdk documentation). This allows you to set an interval, but again this will only be a best try by the iPhone, it may be off by milliseconds. This approach also has the disadvantage that if you pause the ccDirector, your NSTimers will continue to fire, so parts of your game will continue running while others are paused.