Not only is this an old post that pops back up from time to time. This can't even happen. The timeouts work out so that you can't enter a password until the allotted time. So 5 min, 15, 45, 60, etc. It doesn't jump from one hour to 48 years...
1. Wipe the phone and restore from backup via iTunes.
2. If you have find my phone you can remote wipe the phone.
3. If you have neither you can put it in DFU mode and wipe it.
All of these prevent access to your data which is why you have the lock out feature in the first place.