The following are two implementations which also throw any exception that happens in the internal task.
For actions (no return value):
public static bool DoWithTimeout(Action action, int timeout)
{
    Exception ex = null;
    CancellationTokenSource cts = new CancellationTokenSource();
    Task task = Task.Run(() =>
    {
        try
        {
            using (cts.Token.Register(Thread.CurrentThread.Abort))
            {
                action();
            }
        }
        catch (Exception e)
        {
            if (!(e is ThreadAbortException))
                ex = e;
        }
    }, cts.Token);
    bool done = task.Wait(timeout);
    if (ex != null)
        throw ex;
    if (!done)
        cts.Cancel();
    return done;
}
For Funcs (with return value):
public static bool DoWithTimeout<T>(Func<T> func, int timeout, out T result)
{
    Exception ex = null;
    result = default(T);
    T res = default(T);
    CancellationTokenSource cts = new CancellationTokenSource();
    Task task = Task.Run(() =>
    {
        try
        {
            using (cts.Token.Register(Thread.CurrentThread.Abort))
            {
                res = func();
            }
        }
        catch (Exception e)
        {
            if (!(e is ThreadAbortException))
                ex = e;
        }
    }, cts.Token);
    bool done = task.Wait(timeout);
    if (ex != null)
        throw ex;
    if (done)
        result = res;
    else
        cts.Cancel();
    return done;
}