The code previously used a relative timeout and accumulated wait times to see
if the timeout was exceeded. Now we convert the timeout into an absolute time,
and always compare the current time against that.

BUG=v8:4357
R=machenbach@chromium.org
LOG=n

Review URL: https://codereview.chromium.org/1272733002

Cr-Commit-Position: refs/heads/master@{#30036}