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It's called "Time Bomb" and is basically a simple "beat the clock" dexterity game. You are presented with a time bomb and need to use your assortment of tools to deactivate it. Use a screwdriver to remove the access panel, then a probe to listen for the armed wires, and finally cut the proper wires to complete the job.
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The bomb settings are all customizable and the top ten times for each bomb type are saved.
You can read more about it (and watch a really rough video demo) at the official web site TimeBombGame.com.