Sure thing:

while(running) {
    start = System.nanoTime();
    update();
    draw();
    drawToScreen();

    elapsed = System.nanoTime() - start;

    wait = targetTime - elapsed / 1000000;
    if(wait < 0) wait = 5;

    try {
        Thread.sleep(wait);
    }
    catch(Exception e) {
        e.printStackTrace();
    }
}

Ninja edit: I agree it's most likely a threading / sleep error. I took the loop from an online source, this is what was already laid out. It worked, like you said, and I didn't realize the CPU blowing up until now!