I have a button that changes the background of a div when its rolled over. the background needs to change on a timer so i have used setTimout to execute methods that change
When you call setTimeout, it returns a numeric value. You should store this value, because this is what you need for clearTimeout. So keep track of the return value from both setTimeout's (they will be different). And keep track of them in a scope you can access from both functions.
Quick 'n' Dirty Example:
var timer = setTimeout( function(){ alert('hi'); }, 300 );
clearTimeout( timer );
Also, you are calling setTimeout with 'playV()', this is incorrect as it will immediately call that function this way. You can leave the brackets behind, so just setTimeout( playV, 3500 );