my $socket;
my $max_tries = 50;
my $cur_try = 0;

while ( ($cur_try++ < $max_tries)  and
         !$socket = IO::Socket::INET->new (
                     Proto            => "tcp",
                     PeerAddr    => "192.168.1.105",
                     PeerPort        => "5000",
                     Timeout        => "1")
       )
{
    sleep 1;
    sleep 1 if (rand() > .5); #some variance is good
}

##</code><code>##

$SIG{ALRM} = 'ALRMhandler';
my $line;
while ( alarm(30), $line=<$socket>, defined($line) )
{
   alarm(0);  #turn off alarm
   ... process data in $line ....
}
...here if $line is not defined....
...another possible "server went away" condition...

sub ALRMhandler
{
   ...see discussion...
}