Deadlocks vs Race Conditions

Deadlocks
 
A deadlock occurs when each of two threads tries to lock a resource the other has already locked. Neither thread can make any further progress.

Many methods of the managed threading classes provide time-outs to help you detect deadlocks. For example, the following code attempts to acquire a lock on the current instance. If the lock is not obtained in 300 milliseconds, Monitor.TryEnter returns false. 

if (Monitor.TryEnter(lockObject, 300)) {
    try {
        // Place code protected by the Monitor here.
    }
    finally {
        Monitor.Exit(this);
    }
}
else {
    // Code to execute if the attempt times out.
}

Race Conditions

A race condition is a bug that occurs when the outcome of a program depends on which of two or more threads reaches a particular block of code first. Running the program many times produces different results, and the result of any given run cannot be predicted.

A simple example of a race condition is incrementing a field. Suppose a class has a private static field (Shared in Visual Basic) that is incremented every time an instance of the class is created, using code such as objCt++; (C#) or objCt += 1 (Visual Basic). This operation requires loading the value from objCt into a register, incrementing the value, and storing it in objCt.

In a multithreaded application, a thread that has loaded and incremented the value might be preempted by another thread which performs all three steps; when the first thread resumes execution and stores its value, it overwrites objCt without taking into account the fact that the value has changed in the interim.

Reference: http://msdn.microsoft.com/en-us/library/1c9txz50%28v=vs.110%29.aspx