Panda: without context splurge, callbacks or base library.

Happy Panda.

var panda = (function () {
	var panda = {}, bambooLevel = 0, isAsleep = false;
	
	function wakeUp() {
		isAsleep = false;
	}
	
	panda.eatBamboo = function () {
		bambooLevel = bambooLevel + 1;
	};
	
	panda.goToSleep = function () {
		isAsleep = true;
		setTimeout(wakeUp, 1000);
	};
	
	return panda;
})();

panda.eatBamboo();
panda.goToSleep();

If you wanted to, instead of declaring "isAsleep" as a local variable, you could do panda.isAsleep is make it accessible outside in the wild. I've kept it in it's cage though.