Here's my first take on this: Unlike other events the timeout event will not que up and it will restart it's counting when another event has happened. The time value will be the time it is handled, not the time it went into the que as with other events.
So let's say that there was a timeout at 10:00:00:000. After 300 ms you press the wait 200 ms button. The event returns at 10:00:00:500. Now the timeout starts running again and after 1000 ms it fires and is handled. Now however it's 10:00:01:500, and you calculate a delta t of 1500 seconds. This way the maximum delta t can become 2*Timeout+Wait time. If this is true I have some code that needs adjustment myself to work 100% correct; code that expects the timeout to enter the que and be handled even if the event structure was busy when the timeout occured.
