To resolve this issue you have to edit php.ini file under c:\windows in notepad.
In this file the directory path in which the loadable extensions (modules) reside is incorrect and due to this php pages gives “CGI TimeOut Error”
So edit the following line in php.ini and replace ‘winnt’ with ‘windows’.
extension_dir = "C:\\WINNT\\system32\\inetsrv\\php\\extensions"