launch process & recheck every 5mins

i would like to launch a process ( lets just assume its notepad or internet explorer,etc) but more importantly, i would like to recheck every 5 or 7 mins to determine the state of that launched process and relaunch the process if its not running (i.e. if the user close the process etc ), i can set script to run as a startup item.

Is it possible to leave the script running in the background. 

thanks