Alright, here is my attempt. This is my first ever AH timeline. Please let me know if there is anything I could do better. All input is gratefully accepted. This is an extremely rough draft, so if anything is ASB or doesn't make sense, please PM me.
1915:
even though italy had stayed neutral in the lastest european war, both sides began actively courting her before the first shot had been fired. She had so far stayed out by betraying the spirit of a defense treaty signed with the central powers, but by sticking to the letter of the treaty she was able to maintain her respectablity. The allies were offering italy exactly what she wanted: the south tyrol, dalmatia, trentino and other lands that would make italy a significant power and unite all italian speaking people into one country. The central power, who were in posession of most of the land that italy coveted, offered allied colonies in africa, and gold to tip the balance in their favor. However, italy wanted austro-hungarian land, which was not forthcoming. Everytime that the politicians citied ceceding the italians parts of austria, they were immediately rebuffed and told that was not possible. However as the war lasted past christmas, the austrians were in a shaky position. The eastern armies were smashed, the serbs remained unconquered and looked as if they were ready to take the offensive, and the italians were making noises about joining the conflict. It seemed as though everyday brought more disasters. Even though the turks had joined the conflict, the austrians were still on the brink of collapse. It seemed as though one more problem would bring the whole country to its knees. The emperor was having trouble sleeping because of the latest reports that the italians were preparing to invade. He ultimately decided that night that he would approach the treacherous people to the south and see if he could reason with them. Luckily for the emperor, the italians recognized that their army was in no position to fight a modern war. They had large numbers of men ready to fight against the hated austrians, but the equipment was in very short supply. So, when the austrians approached the italians about a sale of land, they were all ears. The cost of modernizing the army and seizing the land they wanted was enough that listening to the sales proposal was worthwhile. The emperor nearly wept to have to sell off part of his empire to these greedy bastards, but if losing a small part, which was filled with disloyal italians, saved the empire from collapse and partition, then the indignity must be borne. When the italians heard the deal, they kept quiet at first and needed time to mull it over. However, inside they were thrilled. They were gaining the south tyrol at little financial cost and were given promises about a plescibite in the other italian speaking provences after the war. The price was really neutrality. They decided to take it after a short discussion. As part of the treaty they were required to sign a nonagression pact with AH for the period of 1 year. This was all that the italians would agree to, as they might decide to join in if the central powers looked vulnerable later. This time gave the italians a period to modernize and expand their military for this later date. For now neutrality was the word of the day.
Before the ink had dried, the AH troops stationed on the border with italy were traveling to the serbian front. With the AH's newfound strength the serbs were immediately pushed back on the defensive, and soon bulgaria decided she should grab what had been denied to her in the last balkan war. The western allies soon violated the neutrality of greece at salonika to support their rapidly crumbling ally. However, they were only in time to pick up the few survivors that had stumbled there way to safety after their army had been finally pinned down and crushed by the central powers. Austria had finally shown that she was capable of a victory without germany. However, she paid for this victory. But the southern flank was secure. As the Central powers generals joked later, Salonika became the biggest allied prison camp in the world. Nearly 150,000 british and french troops would eventually be stationed in this useless base, and wouldn't have the chance to influence other theaters.
Soon, AH had a chance to retrain their battered armies. With a surplus of troops for once, they were able to rest and reequip their troops on the german model which seemed to be working well. Although, the loss of junior officers and nco's had been devestating, this period of reorganisation improved the quality of AH's armies to above the prewar levels. Even with the bleeding sore of the eastern front to worry about, the emperor could rest easy now that his empire was safe. Eventually, the Austrians were able to take a larger share of the russian front and ultimately the offensive with their german ally. Soon, it was the russians on the defensive, and they came to respect the austrian skill and strength. This did not mean that the russians were anywhere near beaten, but the extra casualties from a formerly incompetent enemy was causing some in russia to question the continuing of the war. Serbia was lost, and the soon poland was gone. Next year the baltic provences would be threatened and the ukraine was simmering with nationalistic fervor as the AH troops started to occupy its western provinces. The western allies were proving to be too weak to force a decision in france, as offensive after offensive ground to a bloody halt. The italians were even selling war materials to their former enemy, seemingly turned friend. When the tzar dismissed his brother near the end of 1915, the russian generals began to have sleepless nights themselves...
f course once America gets into it the war is over, but during that brief time when German only had to face France and England, AH sending troops to the western front could help out. They could hold the rear while the Germans (who I think I can say are superior without offending anyone) can move out trying the offensive moves they wanted. As earlier stated the resource AH has avalible fighting only two fronts may get shipped to help its ally, plus add in Italian, and Romanian trading.