AFAIK, you can only connect signals to slots, and slots can only exist as member functions of a Q_OBJECT.
While many people focus on the template vs. moc difference between Qt signals and boost::signals or GTKmm signals, THIS is the difference I ultimately care more about. Qt's signals are not as expressive and cause more dependencies than I want.
I still use Qt, but that's just because GTKmm accessibility is completely missing on win32 systems.
What you can do, of course, is make a subclass of QTimer that connects to its own timeout signal with a slot that generates a boost::signal that you CAN connect to your external function. Take care of the issues in using boost signals in Qt though, I just use signals2 to avoid it entirely AND I get thread safety.