How to configure socket connect timeout

I found this. Simpler than the accepted answer, and works with .NET Framework v2

Socket socket = new Socket(AddressFamily.InterNetwork, SocketType.Stream, ProtocolType.Tcp);

// Connect using a timeout (5 seconds)

IAsyncResult result = socket.BeginConnect( sIP, iPort, null, null );

bool success = result.AsyncWaitHandle.WaitOne( 5000, true );

if ( socket.Connected )
{
    socket.EndConnect( result );
}
else 
{
     // NOTE, MUST CLOSE THE SOCKET

     socket.Close();
     throw new ApplicationException("Failed to connect server.");
}
 
//... 

My take:

public static class SocketExtensions
{
    /// <summary>
    /// Connects the specified socket.
    /// </summary>
    /// <param name="socket">The socket.</param>
    /// <param name="endpoint">The IP endpoint.</param>
    /// <param name="timeout">The timeout.</param>
    public static void Connect(this Socket socket, EndPoint endpoint, TimeSpan timeout)
    {
        var result = socket.BeginConnect(endpoint, null, null);

        bool success = result.AsyncWaitHandle.WaitOne(timeout, true);
        if (success)
        {
            socket.EndConnect(result);
        }
        else
        {
            socket.Close();
            throw new SocketException(10060); // Connection timed out.
        }
    }
}