При чем тут способ создания таймера и выход из спящего режима?

BOOL SetWaitableTimer(
HANDLE hTimer, // handle to a timer object
const LARGE_INTEGER *pDueTime, // when timer will become signaled
LONG lPeriod, // periodic timer interval
PTIMERAPCROUTINE pfnCompletionRoutine, // completion routine
LPVOID lpArgToCompletionRoutine, // data for completion routine
BOOL fResume // flag for resume state
);

...

fResume
Specifies whether to restore a system in suspended power conservation mode when the timer state is set to signaled. If fResume is TRUE on a platform that does not support a restore, the call will succeed, but GetLastError returns ERROR_NOT_SUPPORTED.