Steven,
If you want to buy one, Google: photogate
There are commercial ones like: http://www.novatech-usa.com/Products/Mechanics-Educational/DTPHG1?gclid=CIC4q_HW8MoCFdcYgQod4nAOoQ
I've used cheap stopwatches to time periods. Used LEDs or laser pointers and a photo transistors to detect the...