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This is just r205 (the last version released by the author) updated to work in Cataclysm.
I haven't tested it fully yet but it appears to be loading without errors so figured I'd upload it so it is available if anyone else was wanting to have this addon work with 4.1.
Below is the description from the Addons main page.
LootWatch is a cousin to the Quest Watch function; it tracks items in your inventory instead of quest objectives. The idea is to show how many items you have - any item - on screen instead of having to count stacks in the inventory.
LootWatch will consider items which are on any alts you have on the same realm, as well as items that are in you and your alts' banks. If you hover your mouse over an item in the LootWatch list, it will show you a break down of which character(s) have how many of each item, and whether it is in their bags or bank. You can enable/disable this behavior via slash commands. It is enabled by default, however.
You may use /lw or /lootwatch when issuing slash commands. You can view the following list in-game by typing /lw or /lootwatch with no additional command.
/lw # [item link] - add item to watch. /lw [item link] - show total amount of item. /lw +# [item link] - add amount to watched item. /lw -# [item link] - subtract amount from watched item. /lw *# [item link] - multiply amount for watched item. /lw /# [item link] - divide amount for watched item. /lw clear [item link] - remove item from watch. /lw clear all - remove all items from watch. /lw move on|off|reset - start moving LootWatch frame. /lw fontsize # - change font size (default 11). /lw show - toggle LootWatch frame. /lw hide combat on|off - hide during combat. /lw hide party on|off - hide while in party. /lw alts on|off - include items in the bags of alts? /lw banks on|off - include items in the bank and banks of alts?