#! perl -slw
use strict;
use IO::Socket;

my $buffer = '';
sub timedReadline {
    my( $handle, $timeout ) = @_;
    my $state = 1;
    ioctl( $handle, 0x8004667e, \$state );
    my $end = time() + $timeout;
    while( time() < $end and $buffer !~ m[\n] ) {
        my $read = sysread( $handle, $buffer, 100, length( $buffer ) );
        sleep 1;
    }
    $state = 0;
    ioctl( $handle, 0x8004667e, \$state );
    my $n = 1+index $buffer, "\n";
    return unless $n;
    return substr $buffer, 0, $n, '';
}

my $server = shift;
my $fh   = IO::Socket::INET->new($server);

my $line = timedReadline( $fh, 5 );
die "***timeout***" unless $line;

print "Got: $line";
print scalar <$fh>; ### Normal blocking read

__END__
C:\test>junk7 localhost:54321
Got: You're connected

Goodbye


C:\test>junk7 localhost:54321
***timeout*** at C:\test\junk7.pl line 26.