At the simplest level, I suppose you could have a VBA macro in Excel which just keeps looping, issuing DoEvents to allow other things to happen, and checking the file once every however-often.
Here's something off the top of my head...
- Public Sub DoSomething()
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Const TimesPerSecond As Double = 100
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Dim Interval As Double
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Dim WaitUntil As Double
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Interval = TimeValue("00:00:01") / TimesPerSecond
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Do
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WaitUntil = Now() + Interval
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Do
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DoEvents
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Loop Until Now >= WaitUntil
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' Do your thing here...
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Beep
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Loop
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End Sub
There are probably heaps of things wrong with this, but it should be enough to illustrate the idea, anyway.