I have 2 freewares that work on a similar premise. There is no time-out. Instead there are a limited number of spaces for recently close programs. One utility is
ReRun. It works especially well on 32 bit Windows. On 64 bit it's a mixed bag. In a few weeks or months I may try to rework it so it works equally well on both 32 and 64 bit. ReRun pops up a bar with up to 32 buttons. The icon on the button is from the recently closed program.
The other one is
ReOpen and it uses a ListBox with the paths of recently run programs.
To be more precise, a program doesn't have to be closed to be added to the list. It just needs to have gotten focus. In other words these monitor the active window.
They may both be downloaded from my site here:
http://milesaheadsoftware.tk 
