Sure, just remember the Clock1.SystemTime of the TouchDown and subtract it from the Clock1.SystemTime of the corresponding TouchUp. If the difference > 3000 then do whatever.
If you want the whatever to happen after 3 seconds even if still held down, you would need to devote a Clock to this. Name the Clock appropriately, to not go nuts with complexity.
Start the Clock at TouchDown, and disable it at TouchUp. Each Timer event, do the SystemTime check.