Been searching all over the net for this, is there an option where I can put a timer on the camera ?
I don't believe the native camera has a timer... There are a couple apps out that incorporate that feature but they are still being UPDATED for DROID.
Great part of open development means functionality missing from an OS (granted it is first gen) can be added with an APP!
The Droid won't stay upright on its own, and there's no way to attach it to a tripod.
About all you could do if you didn't want to hold it to take a picture would be to place it screen-down and take a shot of the sky.