No simple portable way. I've done this on both Unix and Windows and chose a different technique on each. Reading the responses to Threads or no Threads should prove useful: there are a couple of nice ideas from ikegami along with links to the Unix and Windows solutions I wrote.

In reply to Re: Timing out backquoted executions by eyepopslikeamosquito
in thread Timing out backquoted executions by Anonymous Monk

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