If it's your university network it means they're blocking that host and there's not much you can do. Note that unless you're on a 14.4 dialup modem, a TCP connection should be made within 5 seconds (to the first server response, not full connection) or it won't be made at all. Upping the timeout to 180 seconds and attempting to wait it out will just be a waste of your time.
The only real way to deal with your uni network is to connect via a proxy or bnc, but those will generally cost you, and we do not support or condone bypassing network firewalls to gain irc connectivity. I would suggest talking to a network admin at your university and ask them why your connection is being refused; they will be able to definitively answer whether the network prohibits connections to that host (and why, if you're lucky).