The only timing mechanisms available to you in JavaScript are setTimeout and setInterval. However, there is no guarantee on the precision of the timers. In fact, since JavaScript in browsers is single threaded there is no guarantee that your timer will fire when you want it to if there is JS running elsewhere already.
Generally speaking, if you want something to occur regularly at a specified interval, you use setInterval. You have to make sure that your callback does not take longer to run than the duration of the interval, otherwise your next interval will fire late. And if that fires late, chances are the next will as well, and you'll just get further and further behind in your executions.
Many modern browsers do support Web Workers, which is essentially a background JS execution (in addition to the primary UI blocking thread we are all familiar with). I have not used Web Workers yet, so I cannot speak to them with any authority or expertise.
If this were me, I would take the following initial approach (http://jsfiddle.net/Ce3wq/):
var GameTimer = (function () {
var gameTimer = function (opts) {
var self = this;
opts = opts || {};
opts.stepInterval = opts.stepInterval || 30;
var callbacks = {};
var stepInterval= opts.stepInterval; // ms
this.domReady = function () {
setInterval(step, stepInterval);
};
this.registerService = function(callback){
callbacks[callback] = callback;
};
this.removeService = function(){
delete callbacks[callback];
};
var step = function () {
for(var id in callbacks){
callbacks[id]();
}
};
};
return new gameTimer;
})();
var eachTick = function(){
console.log(new Date().getTime());
};
GameTimer.registerService (eachTick);
jQuery(document).ready(GameTimer.domReady);