Timing out waiting for the browser usually indications a failure to connect problem. The first automatic question to ask is whether or not you have the necessary software installed on your build/test machine. Whichever machine is actually trying to run the test must have WebUI Test Studio installed and activated.
The next thing to investigate is whether or not the test will run outside of a build. Make sure the test runs and passes by manually running it on the test machine.
Another thing to watch out for is generally running WebUI Test Studio tests requires the computer to be unlocked. If it is locked or in screen saver mode, any UI testing will fail for lack of access to an interactive desktop.
Hope this helps and let us know if further assistance is needed.