I'm with strongm on this one. The sleep function would be okay, but only in a very limited set of circumstances. Just note that you can't even redraw the form while your sleeping, much less process anything else.
Not to take this off topic, but I have a more general version of the question: Can you use ANY control without drawing it on a form? For example, a couple of weeks ago, I tried to build a wrapper class for modem access using the MSComm control. However, I couldn't figure out how to use the control without putting it on a form. Dim and Set just didn't work. Is there a general method for doing this with controls like the Timer and MSComm which normally require a GUI?