Are you using magaminer?
Did you properly configure rpcuser and rpcpassword on the wallet? I believe on Windows, it's located in %APPDATA%\Magacoin\magacoin.conf.
You need the following:
server=1
rpcuser=xxxxx
rpcpassword=xxxxx
rpcallowip=(Mining System's IP)
Yeah, that's how I have it set up. Using magaminer on Mint machine:
./minerd -a scrypt -o http://local ip:5332/ -u username -p password --coinbase-addr=AXZrCL4eUq3uo9r5RbSuqdcKY4JJbkQjua -P
Still getting the timeout.
How long until you have a linux wallet set up?
Is Windows firewall enabled? It may be blocking port 5332. Try running an nmap.
You should be able to compile the Linux wallet; it looks like you were able to compile the magaminer software.