A lot more simpler than you thought (or even I for that matter)! Essentially, strtotime("last friday", time())
gets the timestamp of... last friday!
Getting the current timestamp first:
$unixNow = time();
echo date('r', $unixNow) . "<br />";
//Thu, 10 Jan 2013 15:14:19 +0000
Getting last friday:
$unixLastFriday = strtotime("last friday", $unixNow);
echo date('r', $unixLastFriday) . "<br />";
//Fri, 04 Jan 2013 00:00:00 +0000
Getting the friday before that:
$unixFridayBeforeThat = strtotime("last friday", $unixLastFriday);
echo date('r', $unixFridayBeforeThat) . "<br />";
//Fri, 28 Dec 2012 00:00:00 +0000