Updates the given element's innerHTML based on the time it represents.
function update_time(element)
    {
        var settings = element.data("easydate.settings");
        
        var element_id = $.data(element[0]);
        elements[element_id] = element;
        delete updates[element_id];
        
        var date = get_date(element, settings);
        
        if(isNaN(date))
            return;
            
        element.html(format_date(date, settings));
        
        if(settings.live)
        {
            var timeout = get_timeout_delay(date, settings);
            if(!isNaN(timeout))
            {
                if(timeout > 2147483647)
                    timeout = 2147483647; // max Firefox timeout delay
                
                var id = setTimeout(
                    function() { update_time(element); },
                    Math.round(timeout)
                );
                updates[element_id] = id;
            }
        }
    }