Is there a small application out there that will quickly calculate the duration of clips based on the difference in length?

Like for instance if I put in 1:00:54:26 -(minus) 00:59:27:18 it will give me the difference.

yes there is... I had a timecode calculator on my lst pc here at work but it vanished with the change over (there is one built into AVid) google timecalc... it was a pc app.

http://www.highend3d.com/downloads/tools/time_calculators/90.html