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I don't think the patch can be much simpler than it is.  We
can't raise the exception inside of internal_select(),
because we don't have the interpreter lock then.

It's a good thing that we do not attempt the I/O after we
know we have a timeout, since we don't want to actually do
the I/O have it succeed after all, and then return "timeout".

The other changes make sure result variables from the I/O
are always initialized, to keep the compiler from issuing
warnings.  (There's no chance we'd actually use one of those
variables in the timeout case, but some compilers can't
figure that out.)

I'll recheck things and post a followup message.  I'll see
what I can do about docs + unittests, though timezones
aren't working in our favor at the moment (I'm in Australia
right now).