diff --git a/doc/RELEASE-NOTES b/doc/RELEASE-NOTES
index 65c31211d..770a7cea8 100644
--- a/doc/RELEASE-NOTES
+++ b/doc/RELEASE-NOTES
@@ -286,6 +286,12 @@ It is therefore best to wait until beta1. You have been warned ;).
   in sendto_server(), then be sure to use %lld and cast the timestamp
   to 'long long' so that it is compatible with both *NIX and Windows.
   Example: sendnotice(sptr, "Timestamp is %lld", (long long)ts);
+* EventAdd() changed the order of parameters and expects every_msec now
+  which specifies the time in milliseconds rather than seconds. This
+  allows for additional precision, or at least multiple calls per second.
+  The minimum allowed every_msec value is 100 at this time.
+  The prototype is now: EventAdd(Module *module, char *name,
+  vFP event, void *data, long every_msec, int count);
 * New HOOKTYPE_IS_HANDSHAKE_FINISHED. If a module returns 0 there, then
   the register_user() function will not be called and the user will
   not come online (yet). This is used by CAP and some other stuff.
diff --git a/include/h.h b/include/h.h
index f0db31ed2..eafa264ff 100644
--- a/include/h.h
+++ b/include/h.h
@@ -934,3 +934,4 @@ extern void _add_name_list(NameList **list, char *name);
 extern void _del_name_list(NameList **list, char *name);
 extern NameList *find_name_list(NameList *list, char *name);
 extern NameList *find_name_list_match(NameList *list, char *name);
+extern int minimum_msec_since_last_run(struct timeval *tv_old, long minimum);
diff --git a/include/modules.h b/include/modules.h
index 9ce1894d2..eba569b4f 100644
--- a/include/modules.h
+++ b/include/modules.h
@@ -606,16 +606,17 @@ struct Module
 #define MOD_OPT_GLOBAL		0x0008 /* Module is required to be loaded globally (i.e. across the entire network) */
 #define MOD_Dep(name, container,module) {#name, (vFP *) &container, module}
 
-/* Event structs */
+/** Event structs */
 struct Event {
-	Event   *prev, *next;
-	char    *name;
-	time_t  every;
-	long    howmany;
-	vFP	event;
-	void    *data;
-	time_t  last;
-	Module *owner;
+	Event		*prev;		/**< Previous event (linked list) */
+	Event		*next;		/**< Next event (linked list) */
+	char		*name;		/**< Name of the event */
+	long		every_msec;	/**< How often we should run this event */
+	long		count;		/**< How many times this event should run (0 = infinite) */
+	vFP		event;		/**< Actual function to call */
+	void		*data;		/**< The data to pass in the function call */
+	struct timeval	last_run;	/**< Last time this event ran */
+	Module		*owner;		/**< To which module this event belongs */
 };
 
 #define EMOD_EVERY 0x0001
@@ -624,10 +625,11 @@ struct Event {
 #define EMOD_EVENT 0x0008
 #define EMOD_DATA 0x0010
 
+/** event struct information, for EventMod() only - see Event for documentation */
 struct EventInfo {
 	int flags;
-	long howmany;
-	time_t every;
+	long count;
+	time_t every_msec;
 	char *name;
 	vFP event;
 	void *data;
@@ -639,14 +641,14 @@ extern MODVAR Hooktype		Hooktypes[MAXCUSTOMHOOKS];
 extern MODVAR Callback *Callbacks[MAXCALLBACKS], *RCallbacks[MAXCALLBACKS];
 extern MODVAR ClientCapability *clicaps;
 
-extern Event   *EventAdd(Module *, char *name, long every, long howmany, vFP event, void *data);
-extern Event   *EventDel(Event *event);
-extern Event   *EventMarkDel(Event *event);
-extern Event   *EventFind(char *name);
-extern int     EventMod(Event *event, EventInfo *mods);
-extern void    DoEvents(void);
-extern void    EventStatus(Client *sptr);
-extern void    SetupEvents(void);
+extern Event *EventAdd(Module *module, char *name, vFP event, void *data, long every_msec, int count);
+extern Event  *EventDel(Event *event);
+extern Event *EventMarkDel(Event *event);
+extern Event *EventFind(char *name);
+extern int EventMod(Event *event, EventInfo *mods);
+extern void DoEvents(void);
+extern void EventStatus(Client *sptr);
+extern void SetupEvents(void);
 
 
 extern void    Module_Init(void);
diff --git a/src/api-event.c b/src/api-event.c
index a4a1c9c30..d5a6bc94d 100644
--- a/src/api-event.c
+++ b/src/api-event.c
@@ -29,23 +29,46 @@ MODVAR Event *events = NULL;
 
 extern EVENT(unrealdns_removeoldrecords);
 
-Event *EventAdd(Module *module, char *name, long every, long howmany,
-                vFP event, void *data)
+/** Add an event, a function that will run at regular intervals.
+ * @param module	Module that this event belongs to
+ * @param name		Name of the event
+ * @param event		The EVENT(function) to be called
+ * @param data		The data to be passed to the function (or just NULL)
+ * @param every_msec	Every <this> milliseconds the event will be called, but see notes.
+ * @param count		After how many times we should stop calling this even (0 = infinite times)
+ * @returns an Event struct
+ * @notes UnrealIRCd will try to call the event every 'every_msec' milliseconds.
+ *        However, in case of low traffic the minimum time is at least SOCKETLOOP_MAX_DELAY
+ *        which is 250ms at the time of writing. Also, we reject any value below 100 msecs.
+ *        The actual calling time will not be quicker than the specified every_msec but
+ *        can be later, in case of high load, in very extreme cases even up to 1000 or 2000
+ *        msec later but that would be very unusual. Just saying, it's not a guarantee..
+ */
+Event *EventAdd(Module *module, char *name, vFP event, void *data, long every_msec, int count)
 {
 	Event *newevent;
-	if (!name || (every < 0) || (howmany < 0) || !event)
+	if (!name || (every_msec < 0) || (count < 0) || !event)
 	{
 		if (module)
 			module->errorcode = MODERR_INVALID;
 		return NULL;
 	}
+	if (every_msec < 100)
+	{
+		ircd_log(LOG_ERROR, "[BUG] EventAdd() from module %s with suspiciously low every_msec value (%ld). "
+		                    "Note that it is in milliseconds now (1000 = 1 second)!",
+		                    module ? module->header->name : "???",
+		                    every_msec);
+		every_msec = 100;
+	}
 	newevent = safe_alloc(sizeof(Event));
 	safe_strdup(newevent->name, name);
-	newevent->howmany = howmany;
-	newevent->every = every;
+	newevent->count = count;
+	newevent->every_msec = every_msec;
 	newevent->event = event;
 	newevent->data = data;
-	newevent->last = TStime();
+	newevent->last_run.tv_sec = timeofday_tv.tv_sec;
+	newevent->last_run.tv_usec = timeofday_tv.tv_usec;
 	newevent->owner = module;
 	AddListItem(newevent,events);
 	if (module)
@@ -62,7 +85,7 @@ Event *EventAdd(Module *module, char *name, long every, long howmany,
 
 Event *EventMarkDel(Event *event)
 {
-	event->howmany = -1;
+	event->count = -1;
 	return event;
 }
 
@@ -116,9 +139,9 @@ int EventMod(Event *event, EventInfo *mods)
 	}
 
 	if (mods->flags & EMOD_EVERY)
-		event->every = mods->every;
+		event->every_msec = mods->every_msec;
 	if (mods->flags & EMOD_HOWMANY)
-		event->howmany = mods->howmany;
+		event->count = mods->count;
 	if (mods->flags & EMOD_NAME)
 		safe_strdup(event->name, mods->name);
 	if (mods->flags & EMOD_EVENT)
@@ -137,16 +160,15 @@ void DoEvents(void)
 
 	for (eventptr = events; eventptr; eventptr = eventptr->next)
 	{
-		if (eventptr->howmany == -1)
+		if (eventptr->count == -1)
 			goto freeit;
-		if ((eventptr->every == 0) || ((TStime() - eventptr->last) >= eventptr->every))
+		if ((eventptr->every_msec == 0) || minimum_msec_since_last_run(&eventptr->last_run, eventptr->every_msec))
 		{
-			eventptr->last = TStime();
 			(*eventptr->event)(eventptr->data);
-			if (eventptr->howmany > 0)
+			if (eventptr->count > 0)
 			{
-				eventptr->howmany--;
-				if (eventptr->howmany == 0)
+				eventptr->count--;
+				if (eventptr->count == 0)
 				{
 freeit:
 					temp.next = EventDel(eventptr);
@@ -158,33 +180,15 @@ freeit:
 	}
 }
 
-void EventStatus(Client *sptr)
-{
-	Event *eventptr;
-	time_t now = TStime();
-	
-	if (!events)
-	{
-		sendnotice(sptr, "*** No events");
-		return;
-	}
-	for (eventptr = events; eventptr; eventptr = eventptr->next)
-	{
-		sendnotice(sptr, "*** Event %s: e/%lld h/%lld n/%lld l/%lld",
-			eventptr->name, (long long)eventptr->every, (long long)eventptr->howmany,
-			(long long)(now - eventptr->last), (long long)((eventptr->last + eventptr->every) - now));
-	}
-}
-
 void SetupEvents(void)
 {
 	/* Start events */
-	EventAdd(NULL, "tunefile", 300, 0, save_tunefile, NULL);
-	EventAdd(NULL, "garbage", GARBAGE_COLLECT_EVERY, 0, garbage_collect, NULL);
-	EventAdd(NULL, "loop", 0, 0, loop_event, NULL);
-	EventAdd(NULL, "unrealdns_removeoldrecords", 15, 0, unrealdns_removeoldrecords, NULL);
-	EventAdd(NULL, "check_pings", 1, 0, check_pings, NULL);
-	EventAdd(NULL, "check_deadsockets", 1, 0, check_deadsockets, NULL);
-	EventAdd(NULL, "check_unknowns", 1, 0, check_unknowns, NULL);
-	EventAdd(NULL, "try_connections", 2, 0, try_connections, NULL);
+	EventAdd(NULL, "tunefile", save_tunefile, NULL, 300*1000, 0);
+	EventAdd(NULL, "garbage", garbage_collect, NULL, GARBAGE_COLLECT_EVERY*1000, 0);
+	EventAdd(NULL, "loop", loop_event, NULL, 1000, 0);
+	EventAdd(NULL, "unrealdns_removeoldrecords", unrealdns_removeoldrecords, NULL, 15000, 0);
+	EventAdd(NULL, "check_pings", check_pings, NULL, 1000, 0);
+	EventAdd(NULL, "check_deadsockets", check_deadsockets, NULL, 1000, 0);
+	EventAdd(NULL, "check_unknowns", check_unknowns, NULL, 1000, 0);
+	EventAdd(NULL, "try_connections", try_connections, NULL, 2000, 0);
 }
diff --git a/src/conf.c b/src/conf.c
index 4db422d90..3bb63601a 100644
--- a/src/conf.c
+++ b/src/conf.c
@@ -2584,16 +2584,16 @@ int	config_run()
 		long v;
 		eInfo.flags = EMOD_EVERY;
 		if (!THROTTLING_PERIOD)
-			v = 120;
+			v = 120000;
 		else
 		{
 			v = THROTTLING_PERIOD/2;
 			if (v > 5)
-				v = 5; /* accuracy, please */
+				v = 5000; /* accuracy, please */
 			if (v < 1)
-				v = 1; /* duh */
+				v = 1000; /* duh */
 		}
-		eInfo.every = v;
+		eInfo.every_msec = v;
 		EventMod(EventFind("bucketcleaning"), &eInfo);
 	}
 
diff --git a/src/dns.c b/src/dns.c
index 6d3f46bc3..1aacd1e8e 100644
--- a/src/dns.c
+++ b/src/dns.c
@@ -167,7 +167,7 @@ void init_resolver(int firsttime)
 	}
 
 	ares_set_socket_callback(resolver_channel, unrealdns_sock_create_cb, NULL);
-	unrealdns_timeout_hdl = EventAdd(NULL, "unrealdns_timeout", 0, 0, unrealdns_timeout, NULL);
+	unrealdns_timeout_hdl = EventAdd(NULL, "unrealdns_timeout", unrealdns_timeout, NULL, 500, 0);
 }
 
 void reinit_resolver(Client *sptr)
diff --git a/src/hash.c b/src/hash.c
index e5865e8d3..04477899e 100644
--- a/src/hash.c
+++ b/src/hash.c
@@ -898,11 +898,11 @@ void init_throttling()
 	{
 		v = THROTTLING_PERIOD/2;
 		if (v > 5)
-			v = 5; /* accuracy, please */
+			v = 5000; /* run at least every 5s */
 		if (v < 1)
-			v = 1; /* duh */
+			v = 1000; /* run at max once every 1s */
 	}
-	EventAdd(NULL, "bucketcleaning", v, 0, e_clean_out_throttling_buckets, NULL);
+	EventAdd(NULL, "bucketcleaning", e_clean_out_throttling_buckets, NULL, v, 0);
 }
 
 uint64_t hash_throttling(char *ip)
diff --git a/src/ircd.c b/src/ircd.c
index ac5c31079..d9cfb58d0 100644
--- a/src/ircd.c
+++ b/src/ircd.c
@@ -735,11 +735,10 @@ void fix_timers(void)
 	/* Reset all event timers */
 	for (e = events; e; e = e->next)
 	{
-		if (e->last > TStime())
+		if (e->last_run.tv_sec > TStime())
 		{
-			Debug((DEBUG_DEBUG, "fix_timers(): %s: e->last %ld -> %ld",
-				e->name, e->last, TStime()-1));
-			e->last = TStime()-1;
+			e->last_run.tv_sec = TStime()-1;
+			e->last_run.tv_usec = 0;
 		}
 	}
 
@@ -947,7 +946,9 @@ int InitUnrealIRCd(int argc, char *argv[])
 	struct rlimit corelim;
 #endif
 
-	timeofday = time(NULL);
+	gettimeofday(&timeofday_tv, NULL);
+	timeofday = timeofday_tv.tv_sec;
+
 	safe_strdup(configfile, CONFIGFILE);
 
 	init_random(); /* needs to be done very early!! */
diff --git a/src/modules.c b/src/modules.c
index faf6b584a..97e812f19 100644
--- a/src/modules.c
+++ b/src/modules.c
@@ -1449,7 +1449,7 @@ void special_delayed_unloading(void)
 			{
 			    config_warn("Delaying module unloading of '%s' a few seconds...", m->header->name);
 			    m->flags |= MODFLAG_DELAYED;
-			    EventAdd(NULL, "e_unload_module_delayed", 5, 1, e_unload_module_delayed, m->header->name);
+			    EventAdd(NULL, "e_unload_module_delayed", e_unload_module_delayed, m->header->name, 5000, 1);
 			}
 		}
 	}
diff --git a/src/modules/chanmodes/floodprot.c b/src/modules/chanmodes/floodprot.c
index 1d0456745..77293fdae 100644
--- a/src/modules/chanmodes/floodprot.c
+++ b/src/modules/chanmodes/floodprot.c
@@ -190,7 +190,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "modef_event", 10, 0, modef_event, NULL);
+	EventAdd(modinfo->handle, "modef_event", modef_event, NULL, 10000, 0);
 	floodprot_rehash_complete();
 	return MOD_SUCCESS;
 }
diff --git a/src/modules/chanmodes/history.c b/src/modules/chanmodes/history.c
index ddf510008..aa2d1bd47 100644
--- a/src/modules/chanmodes/history.c
+++ b/src/modules/chanmodes/history.c
@@ -103,7 +103,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "history_clean", HISTORY_TIMER_EVERY, 0, history_clean, NULL);
+	EventAdd(modinfo->handle, "history_clean", history_clean, NULL, HISTORY_TIMER_EVERY*1000, 0);
 	return MOD_SUCCESS;
 }
 
diff --git a/src/modules/channeldb.c b/src/modules/channeldb.c
index 87b8182ff..53aee6b05 100644
--- a/src/modules/channeldb.c
+++ b/src/modules/channeldb.c
@@ -97,7 +97,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "channeldb_write_channeldb", CHANNELDB_SAVE_EVERY, 0, write_channeldb_evt, NULL);
+	EventAdd(modinfo->handle, "channeldb_write_channeldb", write_channeldb_evt, NULL, CHANNELDB_SAVE_EVERY*1000, 0);
 	if (ModuleGetError(modinfo->handle) != MODERR_NOERROR)
 	{
 		config_error("A critical error occurred when loading module %s: %s", MOD_HEADER.name, ModuleGetErrorStr(modinfo->handle));
diff --git a/src/modules/connthrottle.c b/src/modules/connthrottle.c
index ab7d8a9ff..b44f8f1ae 100644
--- a/src/modules/connthrottle.c
+++ b/src/modules/connthrottle.c
@@ -111,7 +111,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "connthrottle_evt", 1, 0, connthrottle_evt, NULL);
+	EventAdd(modinfo->handle, "connthrottle_evt", connthrottle_evt, NULL, 1000, 0);
 	return MOD_SUCCESS;
 }
 
diff --git a/src/modules/extbans/timedban.c b/src/modules/extbans/timedban.c
index 29c9d6314..47287676c 100644
--- a/src/modules/extbans/timedban.c
+++ b/src/modules/extbans/timedban.c
@@ -89,7 +89,7 @@ ExtbanInfo extban;
 		return MOD_FAILED;
 	}
                 
-	EventAdd(modinfo->handle, "timedban_timeout", TIMEDBAN_TIMER, 0, timedban_timeout, NULL);
+	EventAdd(modinfo->handle, "timedban_timeout", timedban_timeout, NULL, TIMEDBAN_TIMER*1000, 0);
 
 	return MOD_SUCCESS;
 }
diff --git a/src/modules/ident_lookup.c b/src/modules/ident_lookup.c
index a2267cffe..3d07abe90 100644
--- a/src/modules/ident_lookup.c
+++ b/src/modules/ident_lookup.c
@@ -24,7 +24,7 @@ MOD_INIT()
 {
 	MARK_AS_OFFICIAL_MODULE(modinfo);
 	ModuleSetOptions(modinfo->handle, MOD_OPT_PERM, 1); /* needed? or not? */
-	EventAdd(NULL, "check_ident_timeout", 1, 0, check_ident_timeout, NULL);
+	EventAdd(NULL, "check_ident_timeout", check_ident_timeout, NULL, 1000, 0);
 	HookAdd(modinfo->handle, HOOKTYPE_IDENT_LOOKUP, 0, ident_lookup_connect);
 
 	return MOD_SUCCESS;
diff --git a/src/modules/jointhrottle.c b/src/modules/jointhrottle.c
index 483d92195..23c41c6dc 100644
--- a/src/modules/jointhrottle.c
+++ b/src/modules/jointhrottle.c
@@ -100,7 +100,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(ModInfo->handle, "jointhrottle_cleanup_structs", 60, 0, jointhrottle_cleanup_structs, NULL);
+	EventAdd(ModInfo->handle, "jointhrottle_cleanup_structs", jointhrottle_cleanup_structs, NULL, 60000, 0);
 	return MOD_SUCCESS;
 }
 
diff --git a/src/modules/link-security.c b/src/modules/link-security.c
index b50884fc6..57e41692a 100644
--- a/src/modules/link-security.c
+++ b/src/modules/link-security.c
@@ -81,7 +81,7 @@ MOD_LOAD()
 	cap.parameter = link_security_capability_parameter;
 	ClientCapabilityAdd(modinfo->handle, &cap, NULL);
 
-	EventAdd(modinfo->handle, "checklinksec", 2, 0, checklinksec, NULL);
+	EventAdd(modinfo->handle, "checklinksec", checklinksec, NULL, 2000, 0);
 	checklinksec(NULL);
 	return MOD_SUCCESS;
 }
diff --git a/src/modules/list.c b/src/modules/list.c
index aa59f4150..15f6ea197 100644
--- a/src/modules/list.c
+++ b/src/modules/list.c
@@ -90,7 +90,7 @@ MOD_INIT()
 	}
 
 	CommandAdd(modinfo->handle, MSG_LIST, cmd_list, MAXPARA, M_USER);
-	EventAdd(modinfo->handle, "send_queued_list_data", 1, 0, send_queued_list_data, NULL);
+	EventAdd(modinfo->handle, "send_queued_list_data", send_queued_list_data, NULL, 1500, 0);
 
 	return MOD_SUCCESS;
 }
diff --git a/src/modules/reputation.c b/src/modules/reputation.c
index eb0ddfeee..f1d7ed960 100644
--- a/src/modules/reputation.c
+++ b/src/modules/reputation.c
@@ -175,9 +175,9 @@ MOD_LOAD()
 	load_db();
 	if (reputation_starttime == 0)
 		reputation_starttime = TStime();
-	EventAdd(ModInf.handle, "delete_old_records", DELETE_OLD_EVERY, 0, delete_old_records, NULL);
-	EventAdd(ModInf.handle, "add_scores", BUMP_SCORE_EVERY, 0, add_scores, NULL);
-	EventAdd(ModInf.handle, "save_db", SAVE_DB_EVERY, 0, save_db_evt, NULL);
+	EventAdd(ModInf.handle, "delete_old_records", delete_old_records, NULL, DELETE_OLD_EVERY*1000, 0);
+	EventAdd(ModInf.handle, "add_scores", add_scores, NULL, BUMP_SCORE_EVERY*1000, 0);
+	EventAdd(ModInf.handle, "save_db", save_db_evt, NULL, SAVE_DB_EVERY*1000, 0);
 	return MOD_SUCCESS;
 }
 
diff --git a/src/modules/tkl.c b/src/modules/tkl.c
index 8a7c9a462..ced8035f4 100644
--- a/src/modules/tkl.c
+++ b/src/modules/tkl.c
@@ -195,7 +195,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "tklexpire", 5, 0, tkl_check_expire, NULL);
+	EventAdd(modinfo->handle, "tklexpire", tkl_check_expire, NULL, 5000, 0);
 	return MOD_SUCCESS;
 }
 
diff --git a/src/modules/tkldb.c b/src/modules/tkldb.c
index e5a0c0dc5..40c5fa5a9 100644
--- a/src/modules/tkldb.c
+++ b/src/modules/tkldb.c
@@ -134,7 +134,7 @@ MOD_INIT()
 
 MOD_LOAD()
 {
-	EventAdd(modinfo->handle, "tkldb_write_tkldb", TKL_DB_SAVE_EVERY, 0, write_tkldb_evt, NULL);
+	EventAdd(modinfo->handle, "tkldb_write_tkldb", write_tkldb_evt, NULL, TKL_DB_SAVE_EVERY*1000, 0);
 	if (ModuleGetError(modinfo->handle) != MODERR_NOERROR)
 	{
 		config_error("A critical error occurred when loading module %s: %s", MOD_HEADER.name, ModuleGetErrorStr(modinfo->handle));
diff --git a/src/url.c b/src/url.c
index e6b0c3b7b..8535651e2 100644
--- a/src/url.c
+++ b/src/url.c
@@ -371,7 +371,7 @@ void url_init(void)
 	multihandle = curl_multi_init();
 
 	curl_multi_setopt(multihandle, CURLMOPT_SOCKETFUNCTION, url_socket_cb);
-	curl_socket_timeout_hdl = EventAdd(NULL, "curl_socket_timeout", 1, 0, curl_socket_timeout, NULL);
+	curl_socket_timeout_hdl = EventAdd(NULL, "curl_socket_timeout", curl_socket_timeout, NULL, 500, 0);
 }
 
 /*