What about:

llFound = .F.
ltStart = DATETIME ()

DO WHILE NOT m.llFound AND (DATETIME () - m.ltStart < 10)
   IF FILE('THEFILE.TXT')
      PROCESS THE FILE
      llFound = .T.
   ELSE
      WAIT WINDOW "" TIMEOUT 1
   ENDIF
ENDDO

IF NOT m.llFound
   MESSAGEBOX ABOUT FAILURE
ENDIF

>Won't this Wait 10 seconds, THEN let me look for the file?
>
>I was wanting to immediately exit back to the program as soon as the File comes into existence, or exit after 10 seconds.... whichever is first.