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From this blog post on using accurate timers on Windows.

CraeteWaitableTimer API is similar to SetTimer. You can specify timeout and a callback function. It has the following advantages:

• you can specify a delay
• it returns a kernel handle you can wait on
• it allows pasing context data pointer to a callback function
• waitable timers are much more accurate as they are not calculated during idle and messages aren't collapsed
• you can adjust the parameters of the timer with SetWaitableTimer and cancel it with CancelWaitableTimer..