Timeouts are a client-side setting, SQL doesn't give up on queries unless it's told to (kill session or attention call from client app)
There's a lock wait setting somewhere (sp_configure I think), but it's instance-wide.
Gail Shaw
Microsoft Certified Master: SQL Server, MVP, M.Sc (Comp Sci)
SQL In The Wild: Discussions on DB performance with occasional diversions into recoverability