If you get a time out error, then clearly the camera is not responding the way it's supposed to. But there could a number of reasons for that, which I have no chance of guessing: Missing power, missing or faulty connection to the frame grabber, wrong or defective camera file etc. etc.
Basically check *everything* that you could possibly think of. And, if you have some other means of testing that the camera is okay then try that too.
I know this answer probably isn't going to help you a lot, but as mentioned there are *so* many things that could be wrong. Rule out as many things as you can and then deal with the ones that are left.
