SAN ATCT LCL CTLR MISJUDGED ARR DEP SEPARATION AND UNSUCCESSFULLY ATTEMPTED TO ABORT A DEPARTING B737 AT 120 KTS.

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AT HOLD LINE FOR RWY 27; SAN TWR CLRED US TO 'POS AND HOLD; BE READY FOR IMMEDIATE TKOF.' SAN TWR CLRED US FOR TKOF WITH TFC ON 2 MI FINAL. DURING TKOF ROLL; TWR ISSUED A CANCEL TKOF CLRNC WHILE WE WERE AT 120 KTS. PREDEP BRIEF INCLUDES A STATEMENT THAT WE WILL ONLY ABORT ABOVE 80 KTS FOR AN ENG FIRE/FAILURE OR ACFT IS NOT GOING TO FLY. WE CONTINUED THE TKOF AND TWR SAID HE HAD ISSUED 'CANCEL TKOF CLRNC' TWICE DURING TKOF ROLL. THE TKOF ROLL WE HAD HEARD A CANCEL TKOF CLRNC BUT WITHOUT A FLT NUMBER; AND WITH NO BREAK IN RADIO XMISSION; ALSO ISSUING INSTRUCTIONS TO OTHER ACFT. I BELIEVE THE TWR CTLR HAD ACFT SPACED TOO CLOSE TOGETHER. AFTER CLRING US FOR TKOF AND CLRING ANOTHER TO LAND BUT REALIZING WE WOULDN'T BE OFF IN TIME FOR THE ACFT TO LAND; HE ISSUED THEM A GAR AND THEN CANCELED OUR TKOF CLRNC. OUR NOT HEARING THE FIRST 'CANCEL TKOF CLRNC' WAS DUE TO (DURING AN EXTREMELY HIGH WORKLOAD TIME FRAME) THE TWR CTLR TALKING RAPID-FIRE AND ISSUING INSTRUCTIONS TO 3 DIFFERENT ACFT -- ALL AT THE SAME TIME WITHOUT GETTING CONFIRMATION ON THE FIRST INSTRUCTION. BUT WHAT CAUSED THIS SIT IN THE FIRST PLACE IS TRYING TO FIT TOO MANY ACFT INTO THE AIRSPACE.