In bash(1), the read command has a -t option where you can specify a timeout. From the man page:
read [-ers] [-u fd] [-t timeout] [-a aname] [-p prompt] [-n nchars] [-d delim] [name ...]
-t timeout: cause read to time out and return failure if a complete line of input is not read within timeout seconds. This option has no effect if read is not reading input from the terminal or a pipe.
Transcript below (without hitting ENTER):
$ date ; read -t 10 -p "Hit ENTER or wait ten seconds" ; echo ; date
Tue Feb 28 22:29:15 WAST 2012
Hit ENTER or wait ten seconds
Tue Feb 28 22:29:25 WAST 2012
Another, hitting ENTER after a couple of seconds:
$ date ; read -t 10 -p "Hit ENTER or wait ten seconds" ; date
Tue Feb 28 22:30:17 WAST 2012
Hit ENTER or wait ten seconds
Tue Feb 28 22:30:19 WAST 2012
And a final one, hitting CTRL-C:
$ date ; read -t 10 -p "Hit ENTER or wait ten seconds" ; echo ; date
Tue Feb 28 22:30:29 WAST 2012
Hit ENTER or wait ten seconds
(1) If you're doing this in a script, make sure that it's running under bash rather than some other shell.
You can do that in many ways such as by using a #! shebang line of some type, specifying the shell when you run the command, or making sure your system will run bash by default for scripts.