I've cleaned up and documented the events plugin, it's close to being ready for 1.0.

event/event.js

+// We're overriding the old toggle function, so
+// remember it for later
+$.fn._toggle = $.fn.toggle;
+
+/**
+ * Toggle between two function calls every other click.
+ */
+$.fn.toggle = function(a,b) {
+	// If two functions are passed in, we're
+	// toggling on a click
+	return a && b ? this.click(function(e){
+		// Figure out which function to execute
+		this.last = this.last == a ? b : a;
+		
+		// Make sure that clicks don't pass through
+		e.preventDefault();
+		
+		// and execute the function
+		return $.apply( this, this.last, [e] ) || false;
+	}) :
+	
+	// Otherwise, execute the old toggle function
+	this._toggle();
+};
+
+/**
+ * Toggle between two function calls on mouse over/out.
+ */
+$.fn.hover = function(f,g) {
+	
+	// A private function for haandling mouse 'hovering'
+	function handleHover(e) {
+		// Check if mouse(over|out) are still within the same parent element
+		var p = e.fromElement || e.toElement || e.relatedTarget;
+		while ( p && p != this ) p = p.parentNode;
+		
+		// If we actually just moused on to a sub-element, ignore it
+		if ( p == this ) return false;
+		
+		// Execute the right function
+		return $.apply(this,e.type == 'mouseover' ? f : g,[e]);
+	}
+	
+	// Bind the function to the two event listeners
+	return this.mouseover(handleHover).mouseout(handleHover);
+};
+
+/**
+ * Bind a function to fire when the DOM is ready.
+ */
+$.fn.ready = function(f) {
+	// If the DOM is already ready
+	if ( $.isReady )
+		// Execute the function immediately
+		$.apply( document, f );
+		
+	// Otherwise, remember the function for later
+	else {
+		// Add the function to the wait list
+		$.readyList.push( f );
+	}
+
+	return this;
+};
+
 (function(){
+	/*
+	 * Bind a number of event-handling functions, dynamically
+	 */
 	var e = ["blur","focus","contextmenu","load","resize","scroll","unload",
 		"click","dblclick","mousedown","mouseup","mouseenter","mouseleave",
 		"mousemove","mouseover","mouseout","change","reset","select","submit",
 		"keydown","keypress","keyup","abort","error","ready"];
 
-	for ( var i = 0; i < e.length; i++ ) {
-		(function(){
+	// Go through all the event names, but make sure that
+	// it is enclosed properly
+	for ( var i = 0; i < e.length; i++ ) {(function(){
+			
 		var o = e[i];
+		
+		// Handle event binding
 		$.fn[o] = function(f){ return this.bind(o, f); };
+		
+		// Handle event unbinding
 		$.fn["un"+o] = function(f){ return this.unbind(o, f); };
+		
+		// Handle event triggering
 		$.fn["do"+o] = function(){ return this.trigger(o); };
-			$.fn["one"+o] = function(f){ return this.bind(o, function(e){
-				if ( this[o+f] !== null ) { return true; }
+		
+		// Finally, handle events that only fire once
+		$.fn["one"+o] = function(f){
+			// Attach the event listener
+			return this.bind(o, function(e){
+				// TODO: Remove the event listener, instead of this hack
+				
+				// If this function has already been executed, stop
+				if ( this[o+f] !== null )
+					return true;
+				
+				// Otherwise, mark as having been executed
 				this[o+f]++;
+				
+				// And execute the bound function
 				return $.apply(this,f,[e]);
-			}); };
+			});
+		};
 			
-			// Deprecated
-			//$.fn["on"+o] = function(f){ return this.bind(o, f); };
-		})();
-	}
-})();
+	})();}
 		
-$.fn.hover = function(f,g) {
-	// Check if mouse(over|out) are still within the same parent element
-	return this.each(function(){
-		var obj = this;
-		$.event.add(this, "mouseover", function(e) {
-			var p = ( e.fromElement !== null ? e.fromElement : e.relatedTarget );
-			while ( p && p != obj ) { p = p.parentNode; }
-			if ( p == obj ) { return false; }
-			return $.apply(obj,f,[e]);
-		});
-		$.event.add(this, "mouseout", function(e) {
-			var p = ( e.toElement !== null ? e.toElement : e.relatedTarget );
-			while ( p && p != obj ) { p = p.parentNode; }
-			if ( p == obj ) { return false; }
-			return $.apply(obj,g,[e]);
-		});
-	});
-};
+	/*
+	 * All the code that makes DOM Ready work nicely.
+	 */
 	 
-$.$$isReady = false;
-$.$$ready = [];
+	$.isReady = false;
+	$.readyList = [];
 	
-// Handle when the DOM is ready
-$.ready = function() {
-	if ( !$.$$isReady ) {
-		$.$$isReady = true;
-		if ( $.$$ready ) {
-			for ( var i = 0; i < $.$$ready.length; i++ ) {
-				$.apply( document, $.$$ready[i] );
-			}
-			$.$$ready = [];
+	// Handle when the DOM is ready
+	$.ready = function() {
+		// Make sure that the DOM hasn't already loaded
+		if ( !$.isReady ) {
+			// Remember that the DOM is ready
+			$.isReady = true;
+			
+			// If there are functions bound, to execute
+			if ( $.readyList ) {
+				// Execute all of them
+				for ( var i = 0; i < $.readyList.length; i++ )
+					$.apply( document, $.readyList[i] );
+				
+				// Reset the list of functions
+				$.readyList = null;
 			}
 		}
-};
+	};
 	
-// If Mozilla is used
-if ( $.browser == "mozilla" || $.browser == "opera" ) {
+	// If Mozilla is used
+	if ( $.browser == "mozilla" || $.browser == "opera" ) {
 		// Use the handy event callback
-	document.addEventListener( "DOMContentLoaded", $.ready, null );
+		$.event.add( document, "DOMContentLoaded", $.ready );
 	
-// If IE is used, use the excellent hack by Matthias Miller
-// http://www.outofhanwell.com/blog/index.php?title=the_window_onload_problem_revisited
-} else if ( $.browser == "msie" ) {
+	// If IE is used, use the excellent hack by Matthias Miller
+	// http://www.outofhanwell.com/blog/index.php?title=the_window_onload_problem_revisited
+	} else if ( $.browser == "msie" ) {
 	
 		// Only works if you document.write() it
 		document.write('<scr' + 'ipt id=__ie_init defer=true ' + 
@@ -73,52 +149,32 @@ if ( $.browser == "mozilla" || $.browser == "opera" ) {
 		// Use the defer script hack
 		var script = document.getElementById('__ie_init');
 		script.onreadystatechange = function() {
-		if ( this.readyState == 'complete' ) {
+			if ( this.readyState == 'complete' )
 				$.ready();
-		}
 		};
 	
 		// Clear from memory
 		script = null;
 	
-// If Safari  is used
-} else if ( $.browser == "safari" ) {
-	$.$$timer = setInterval(function(){
+	// If Safari  is used
+	} else if ( $.browser == "safari" ) {
+		// Continually check to see if the document.readyState is valid
+		$.safariTimer = setInterval(function(){
+			// loaded and complete are both valid states
 			if ( document.readyState == "loaded" || 
 				document.readyState == "complete" ) {
 	
-			clearInterval( $.$$timer );
-			$.$$timer = null;
+				// If either one are found, remove the timer
+				clearInterval( $.safariTimer );
+				$.safariTimer = null;
 	
+				// and execute any waiting functions
 				$.ready();
 			}
 		}, 10);
-}
-
-// A fallback, that will always work, just in case
-$.event.add( window, "load", $.ready );
-
-/**
- * Bind a function to fire when the DOM is ready.
- */
-$.fn.ready = function(f) {
-	if ( $.$$isReady ) {
-		$.apply( document, f );
-	} else {
-		if ( ! $.$$ready ) {
-			$.$$ready = [];
 	}
 	
-		$.$$ready.push( f );
-	}
+	// A fallback to window.onload, that will always work
+	$.event.add( window, "load", $.ready );
 	
-	return this;
-};
-
-$.fn.toggle = function(a,b) {
-	return a && b ? this.click(function(e){
-		this.$$last = this.$$last == a ? b : a;
-		e.preventDefault();
-		return $.apply( this, this.$$last, [e] ) || false;
-	}) : this._toggle();
-};
+})();