Yes, this is possible but there are a lot of parts you'll need:
First, some server-side code to that can check whether or not a record has been updated. I can't really give you any info on this step without more information on the environment you are working in.
Second, you'll need to use jQuery's ajax features to send an ajax request from the page every so often. In the callback function for that ajax request, you can check whether or not the ajax response says the record was updated.
Third, you simply need to decide how you want to let the user know that the record has changed. You could simply insert some text somewhere on the page, or you could get fancy and create some sort of dialog to let them know. Or, if you wanted, you could even just refresh the page for them instead of telling them that it has been updated.
Something like this:
function checkForUpdates() {
$.getJSON('/theUrlForUpdateChecker', { record_id: 23 }, function(json) {
if (json.isRecordUpdated) {
var message = 'The record has been updated, please refresh the page';
$('#notificationArea').text(message);
}
});
}
//execute it every 60 seconds (60000 milliseconds):
setInterval(checkForUpdates, 60000);
I used setInterval for simplicity, but for the interest of saving resources you probably would want to use setTimeout over and over, and stop checking for updates once you know a record was updated.