Coroutines are you friend I think on this one, I think...
http://docs.unity3d.com/Manual/Coroutines.html
Here is an example:
void Start () {
StartCoroutine ("Countdown", 10);
}
private IEnumerator Countdown(int time){
while(time>0){
Debug.Log(time--);
yield return new WaitForSeconds(1);
}
Debug.Log("Countdown Complete!");
}