Others have already covered the basics of sleep() and PHP script execution time limit, but you should also be aware of another risk when using really long sleep periods.
Usually, when a browser sends a request to a server and does not receive any data from the server, the connection can time out. This time limit depends on the browser's configurations, but I've read that IE7 has a default value of just 30 seconds, while Firefox has a default value of 115 seconds--you can check your own configuration in Firefox by going to about:config and filtering for network.http.keep-alive.timeout (the time limit is specified in seconds).
Edit: I had the units for network.http.keep-alive.timeout and browser.urlbar.search.timeout mixed up. It is indeed in seconds, not tenths of a second.