procedure TForm1.Button1Click(Sender: TObject);
var
  hChangeHandle: THandle;
  dwWaitStatus: DWORD;
begin
  hChangeHandle := FindFirstChangeNotification(PChar('d:\test'), True, FILE_NOTIFY_CHANGE_LAST_WRITE);
  if hChangeHandle <> INVALID_HANDLE_VALUE then
  begin
    repeat
      dwWaitStatus := WaitForSingleObject(hChangeHandle, 7000);
      if dwWaitStatus = WAIT_OBJECT_0 then
        Memo1.Lines.Add('WAIT_OBJECT_0')
      else if dwWaitStatus = WAIT_TIMEOUT then
        Memo1.Lines.Add('WAIT_TIMEOUT')
    until (dwWaitStatus = WAIT_TIMEOUT) or not FindNextChangeNotification(hChangeHandle);
    FindCloseChangeNotification(hChangeHandle);
  end else
    Form1.Memo1.Lines.Add('FindFirstChangeNotification failed');
end;