The behavior exact to the one specified by you is impossible in JS as implemented in current browsers. Sorry.
Well, you could in theory make a function with a loop where loop's end condition would be based on time, but this would hog your CPU, make browser unresponsive and would be extremely poor design. I refuse to even write an example for this ;)
Update: My answer got -1'd (unfairly), but I guess I could mention that in ES6 (which is not implemented in browsers yet, nor is it enabled in Node.js by default), it will be possible to write a asynchronous code in a synchronous fashion. You would need promises and generators for that.
You can use it today, for instance in Node.js with harmony flags, using Q.spawn(), see this blog post for example (last example there).