A word of warning - these GTech ones aren't great. I got one and was disappointed, even for 30 squid...
They don't take account of body roll (so give false acceleration info), and only have a single axis accelerometer (so need mounting sideways in order to read lateral G, making it impossible to see the display...)
As for the calculations, it's pretty easy - 0-60 just measures the acceleration and as speed=acceleration*time... But of course, the acceleration is out, due to the tilting of the car, which you can't correct for in the unit.
For a useable accelerometer, I'd get the Race Technology AP22:
http://www.race-technology.com/HomePage.html . Not as cheap, but more accurate (allows tilt correction etc).