Abort An Asynchronous Method Call After Timeout?

VB.NET 2010, .NET 4/I have a System.Timers.Timer object that does some work on its elapsed event:

Private Sub MasterTimer_Elapsed(ByVal sender As Object, ByVal e As System.Timers.ElapsedEventArgs) Handles MasterTimer.Elapsed
MasterTimer.Enabled = False
'...work...
MasterTimer.Enabled = True
End Sub

My problem is that the work that it's doing sometimes gets stuck. Part of the work is serial communication so it might be getting stuck waiting for a response from something. I've already modified my serial communication code a bit to hopefully solve the problem. However, this timer is basically the heartbeat of a production control application and it is very bad if it were to stop for any reason. I was thinking that it might be nice to put in a fail-safe timeout so that, if the "work" is taking too long, the timer could re-enable itself and try again. I was thinking of something like this:Move the work into a subroutine and create a delegate:

Private Delegate Sub WorkDelegate()
Private Sub Work()
'...work...
End Sub

Call the work by invoking the delegate and then use WaitOne(timeout) on the IAsyncResult to specify a timeout:

Private Sub MasterTimer_Elapsed(ByVal sender As Object, ByVal e As System.Timers.ElapsedEventArgs) Handles MasterTimer.Elapsed
MasterTimer.Enabled = False
Dim workDel as New WorkDelegate(AddressOf Work)

[code]....

In that it would re-enter a subroutine that is already running? Is there a way to abort Work() if it hasn't finished after the timeout? In other words, just cease execution of Work() if result.IsCompleted Is False after WaitOne?