The closest thing I know of would be to use Hooks.
You can use WH_SHELL Hooks to receive notification any time a new, non-owned, top level window is created or destroyed by the system. This isn't the same as a process, but it's pretty close in many cases, and potentially more useful in others (since it'd show a new word document window opening after one was already opened, even though they're using a shared process).
You might be able to combine that with EnumProcess to check to see if the process list has changed. This would work for tracking windows applications (but not services or console-based applications running in an existing console).