Code:
if ((%floodkreenpizza) || ($($+(%,floodkreenpizza.,$nick),2))) { return }
  set -u10800 %floodkreenpizza. $+ $nick On
Those lines deal with the flood control. The second line sets a variable, the first line checks if the variable is set. If it is set, it's going to return (do nothing).
I don't think there's a way to say how long it's left using -uN, but if you change the second line to use set -z %variable 10800 you can simply use $v1 in the first line to refer to the seconds left. $duration($v1) will give you minutes/hours