$ gdb /usr/bin/emacs-w32.exe
GNU gdb (GDB) 7.6.50.20130728-cvs (cygwin-special)
[...]
Reading symbols from /usr/bin/emacs-w32.exe...Reading symbols from /usr/lib/debug/usr/bin/emacs-w32.exe.dbg...done.
done.
(gdb) b run_timers
Breakpoint 1 at 0x10064785c: file /usr/src/debug/emacs-24.3.93-4/src/atimer.c, line 342.
(gdb) r -Q
Starting program: /usr/bin/emacs-w32.exe -Q
[New Thread 5864.0x6b4]
[New Thread 5864.0x754]
[New Thread 5864.0x1ac8]
[New Thread 5864.0x1928]
[New Thread 5864.0x63c]

Breakpoint 1, run_timers () at /usr/src/debug/emacs-24.3.93-4/src/atimer.c:342
342     {
(gdb) thread apply all bt

Thread 5 (Thread 5864.0x63c):
#0  0x0000000077339e6a in USER32!SfmDxSetSwapChainStats ()
   from /c/windows/system32/USER32.dll
#1  0x0000000077339e9e in USER32!GetMessageW ()
   from /c/windows/system32/USER32.dll
#2  0x0000000000000000 in ?? ()

Thread 4 (Thread 5864.0x1928):
#0  0x00000000775912fa in ntdll!ZwWaitForSingleObject ()
   from /c/windows/system32/ntdll.dll
#1  0x000007fefd4e10dc in WaitForSingleObjectEx ()
   from /c/windows/system32/KERNELBASE.dll
#2  0x0000000000000000 in ?? ()

Thread 3 (Thread 5864.0x1ac8):
#0  0x000000007759186a in ntdll!ZwWaitForMultipleObjects ()
   from /c/windows/system32/ntdll.dll
#1  0x000000007755b037 in ntdll!TpIsTimerSet ()
   from /c/windows/system32/ntdll.dll
#2  0x0000000000000000 in ?? ()

Thread 2 (Thread 5864.0x754):
#0  0x000000007759131a in ntdll!ZwReadFile () from /c/windows/system32/ntdll.dll
#1  0x000007fefd4e1a7a in ReadFile () from /c/windows/system32/KERNELBASE.dll
#2  0x000000000042ce00 in ?? ()
#3  0x0000000100647983 in run_timers ()
    at /usr/src/debug/emacs-24.3.93-4/src/atimer.c:364
Backtrace stopped: previous frame inner to this frame (corrupt stack?)

Thread 1 (Thread 5864.0x6b4):
#0  run_timers () at /usr/src/debug/emacs-24.3.93-4/src/atimer.c:342
#1  0x00000001006479b4 in do_pending_atimers ()
    at /usr/src/debug/emacs-24.3.93-4/src/atimer.c:385
#2  0x000000010053fb87 in process_pending_signals ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:7105
#3  0x00000001005b3c53 in Fmake_list (length=0, init=4306501682)
    at /usr/src/debug/emacs-24.3.93-4/src/alloc.c:2644
#4  0x00000001005e4e85 in concat (nargs=1, args=0x429650,
    target_type=Lisp_Cons, last_special=false)
    at /usr/src/debug/emacs-24.3.93-4/src/fns.c:588
#5  0x00000001005e4868 in Fcopy_sequence (arg=25770933814)
    at /usr/src/debug/emacs-24.3.93-4/src/fns.c:456
#6  0x000000010053a111 in timer_check ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:4568
#7  0x000000010053789f in readable_events (flags=1)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:3447
#8  0x000000010053f5dd in get_input_pending (flags=1)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:6765
#9  0x000000010054707e in detect_input_pending_run_timers (do_display=true)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:9894
#10 0x000000010063a087 in wait_reading_process_output (time_limit=0, nsecs=0,
    read_kbd=-1, do_display=true, wait_for_cell=4306501682, wait_proc=0x0,
    just_wait_proc=0) at /usr/src/debug/emacs-24.3.93-4/src/process.c:4699
#11 0x00000001005388e4 in kbd_buffer_get_event (kbp=0x429b88,
    used_mouse_menu=0x42a3cf, end_time=0x0)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:3906
#12 0x00000001005337c3 in read_event_from_main_queue (end_time=0x0,
    local_getcjmp=0x429fb0, used_mouse_menu=0x42a3cf)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:2246
#13 0x0000000100533b00 in read_decoded_event_from_main_queue (end_time=0x0,
    local_getcjmp=0x429fb0, prev_event=4306501682, used_mouse_menu=0x42a3cf)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:2309
#14 0x0000000100535ab4 in read_char (commandflag=1, map=25770257174,
    prev_event=4306501682, used_mouse_menu=0x42a3cf, end_time=0x0)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:2895
#15 0x000000010054507f in read_key_sequence (keybuf=0x42a5e0, bufsize=30,
    prompt=4306501682, dont_downcase_last=false, can_return_switch_frame=true,
    fix_current_buffer=true, prevent_redisplay=false)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:9088
#16 0x00000001005314d4 in command_loop_1 ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:1452
#17 0x00000001005db83c in internal_condition_case (
    bfun=0x100530fbf <command_loop_1>, handlers=4306576130,
    hfun=0x10053054a <cmd_error>)
    at /usr/src/debug/emacs-24.3.93-4/src/eval.c:1354
#18 0x0000000100530b8d in command_loop_2 (ignore=4306501682)
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:1177
#19 0x00000001005dab8d in internal_catch (tag=4306570290,
    func=0x100530b5b <command_loop_2>, arg=4306501682)
    at /usr/src/debug/emacs-24.3.93-4/src/eval.c:1118
#20 0x0000000100530b1c in command_loop ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:1156
#21 0x000000010052ffab in recursive_edit_1 ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:777
#22 0x00000001005301dd in Frecursive_edit ()
    at /usr/src/debug/emacs-24.3.93-4/src/keyboard.c:848
#23 0x000000010052debe in main (argc=2, argv=0x42ab00)
    at /usr/src/debug/emacs-24.3.93-4/src/emacs.c:1647