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Actually, to add a little more info, I'm trying to "ping" a circuit and determine it's distance from my antenna. My idea was to transmit a radio wave, and then have an analog receiever get it and transmit it back. That may make a huge delay though. Any ideas on how to do this?

I'm trying to time the speed of a radio wave to an accuracy of 2ft. This requires, so I imagine, a timer that counts at 500MHz. I can't find anything like this on the net, but assume that they have to have something like this becuase doesn't GPS do this, as well as those little handheld laser tape m...