Has the same semantics as process-wait-with-timeout, but does not interact with the scheduler.
A non-negative number.
A function designator.
Arguments passed to function.
process-wait-local-with-timeout has same semantics as process-wait-with-timeout, but is "local", which here means that it does not interact with the scheduler. The scheduler does not call the wait function and hence never wakes the waiting process.
The circumstances in which the function wait-function is called, and the restrictions on it, are as documented for process-wait-local except that the wait function can additionally be called when it times out.
LispWorks User Guide and Reference Manual - 13 Feb 2015