Haven't tried it fully, but:
In order to properly freeze the timer (not quite the same value as the one tested earlier in this thread, mind you), do the following (CheatEngine is needed, google it):
1) Start Just Cause 2, trigger the timer by jumping off the platform. Open the PDA by pressing F1 (or 'Back' if you're using an Xbox 360 controller) and check what the timer says. Memorize it, or write it down.
2) Alt-tab out and start CheatEngine. In CheatEngine, browse the processes and select JustCause2.exe. Choose 'Unknown initial value' from the 'Scan type' drop-down list, '4 Bytes', and hit the 'First Scan' button.
3) Go in-game again, un-pause and let some time go by.
4) Again, open the PDA and check how many seconds have gone by. Alt-tab back to CheatEngine and search for a new value, this time a 'Value increased by...' (or, as listed by the program, 'Increased value by...'), and enter the appropriate value (the time in seconds that passed) in the 'Value:' box. Hit 'Next Scan'.
5) Repeat steps 3 and 4 until you find the correct value, usually an address starting with '1A5'.
6) When found, double-click it to add it to the box below. Freeze it and play for as long as you want.
This works for me, I managed to play for quite some time (before I quit manually, that is ).
Credit goes to user Nioreh83 (is that you, JBeckman? Wink) on the SweClockers boards, I merely translated it.
From REPLiCORE on NFOHump. I made some small changes.
Mấy cái bắn lớn thì giảm tụt.
Nhất là các màn nhảy stunt (chạy xe trước khi đâm đầu vào đầu vào đâu thì nhảy ra xài parachute khá là phê 
