You can get connection time out error for many reasons. Please make sure that the firewall is not blocking the ftp connection. Also make sure ftp service is running on the host you are trying to connect to. FTP services use port number 21 for connection and you can check on your windows machine if that port is open (which I guess is not):
netstat -na | find "21"
By default ftp is not installed in win 7. You may install it from control panel > programs and features > turn windows feature on or off and then under Internet Information Services.
Anyway, I would recommend, to go through this procedure using samba file sharing method as described in the following link. Check the part titled: "Sharing Files by Connecting to a Windows System from a Linux System"
Sharing Files Between Guest and Host Operating Systems