I know that there is no particular order for the workflow execution, but is there any way I could write a formula to get it done like (Record creation time + add some seconds), or any workaround. Any help is appreciated. Thanks.
There is some ordering to workflow actions - as per this help topic:
"The order in which individual actions and types of actions are executed is not guaranteed. However, field update actions are executed first, followed by other actions."
I have seen anecdotal evidence that workflow rules fire in the order that they were created - don't rely on this as Salesforce staff have said in the past that this isn't the case.
If you need ordering to the evaluation of the rules and/or actions that are fired, you'll need to write your business logic in an apex trigger rather than a workflow. That way you'll have full control.
Yes, you can use time dependent workflow rule. Here are few examples. on how to use workflow rules with time dependency.