There is no automatic countdown feature but there are a couple of different ways to show a countdown using numbers or a clock on the timeline.
What people usually do:
1. Use a separate timeline with numbers at one-second intervals to provide a countdown.
How to: Using the text tool in WATCHOUT (or Photoshop) create images with a number, for example 1 to 10. Load these images, in reverse order, at one-second intervals on a timeline. Now start this timeline the specific number of seconds (10 in this example) before the start of the video on its timeline. The first timeline basically provides a countdown to the start of the video.
2. You could also put the numbered images on the same timeline as the video in question. If you choose this option, make sure to start the timeline 10 seconds (in this example) before you want the video to start playing.
3. Use a video to provide a countdown.
How to: As above, but instead of a series of still images placed along the timeline, use a video of a clock counting down to 0.