I\'m developing my first iPhone application. I have to update a label with the device speed every x seconds. I have created my own CLController and I can get device         
        
you are right you have to use NSTimer. You will be calling one method after x seconds and updating the label.
[NSTimer scheduledTimerWithTimeInterval:x  target:self selector:@selector(updateLabel) userInfo:nil repeats:YES];
-(void)updateLabel
{
    // update your label
}
                                                                        You can schedule the timer like this
NSTimer *myTimer = [NSTimer scheduledTimerWithTimeInterval:YOUR_INTERVAL 
                       target:self 
                       selector:@selector(updateLabel) 
                       userInfo:nil 
                       repeats:YES];
Now below method will get called in every YOUR_INTERVAL (in seconds) periods
- (void) updateLabel {
    myLabel.text = @"updated text";
}
To stop the timer you could call invalidate on the timer object. So you might want to save the timer as a member variable, so that you can access it anywhere.
[timer invalidate];