The short answer is: Yes, it can be, and it will be preempted.
Not only driver events (interrupts) can preempt your thread at any time, such thing may also happen due to temporary priority boost, for example when a waitable object is signalled on which a thread is blocked, or for example due to another window becoming the topmost window. Or, another process might simply adjust its priority class.
There is no way (short of giving your process realtime priority, and this is a very bad idea -- forget about it immediately) to guarantee that no "normal" thread will preempt you, and even then hardware interrupts will preempt you, and certain threads such as the one handling disk I/O and the mouse will compete with you over time quantums. So, even if you run with realtime priority (which is not truly "realtime"), you still have no guarantee, but you seriously interfere with important system services.
On top of that, Sleeping for 5 milliseconds is unprecise at best, and unreliable otherwise.
Sleeping will make your thread ready (ready does not mean "it will run", it merely means that it may run -- if and only if a time slice becomes available and no other ready thread is first in line) on the next scheduler tick. This effectively means that the amount of time you sleep is rounded to the granularity of the system timer resolution (see timeBeginPeriod
function), plus some unknown time.
By default, the timer resolution is 15.6ms, so your 5ms will be 7.8 seconds on the average (assuming the best, uncontended case), but possibly a lot more. If you adjust the system timer resolution to 1ms (which is often the lowest possible, though some systems allow 0.5ms), it's somewhat better, but still not precise or reliable. Plus, making the scheduler run more often burns a considerable amount of CPU cycles in interrupts, and power. Therefore, it is not something that is generally advisable.
To make things even worse, you cannot even rely on Sleep
's rounding mode, since Windows 2000/XP round differently from Windows Vista/7/8.