set timeout for completion of each thread

Hi, I have a requirement where I need to start n threads and set timeout for completion of each thread.
if the thread is not executed successfully(because of timeout ) i have to enter in audit table that it failed because of timeout
if executed successfully update audit table with success.

can some one give me solution for this using ThreadPoolExecutor available jdk1.5

Keep track of all the threads in an ArrayList, and create a Long[] corresponding to each thread with System.currentMillis() + timeoutMillis. Create a loop with a sleep. Each time around the loop, see if each thread ended by itself or if it needs stopped.