Calculating Distance between two RFM12B boards

Basically, I have two RFM12B boards set up on an Arduino UNO, they're both configured and are able to communicate.

However, I am unsure how I would be able to calculate the distance between the two boards. I was thinking of using microseconds to measure the time spent traveling back and forth, which would allow me to calculate the distance between the two boards.

Does anyone have any suggestions, hints or information that might be useful?

Thanks in advance!

~Longstreet

micros has a minimum resolution of 4 microseconds.
A radio signal travels about 1200 metres in that time.
What is the range of your radios?

The RFM12B modules are on a 868Mhz frequency.

Aside from that, the boards will only be 10 metres away from each other on maximum (In the same room).

A radio signal does a 20 metre round trip in about the same time as it takes an Arduino to execute a single instruction.