Thanks for the help! I nailed it with the following:

 $('.todo_item h2').live('click', function() {
        clicks++;
        x = $(this);
        if (clicks == 1) singleClick = setTimeout(function() { clicks
= 0; showExtra(x); }, 300);
        if (clicks == 2) { clearTimeout(singleClick); clicks = 0;
editInPlace(x); };

    });

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