From what I had explained to me once, the only real difference is the way it's phrased in Japanese. Kaio-ken doubles your power. This is shown when goku (pegged by ginyu at about 85k) reaches 180k with a regular kaio-ken. With kaio-ken x 2, goku at 8,000+ was still weaker than vegeta at 18,000.
So kaio-ken and kaio-ken x 2 are the same. Both double your power.