I have a business group that has requested our team to monitor selected services on their web servers. Can this be done?
You should look at SAM for this. SAM will allow you to monitor processes and services on the server and gather cpu and memory utilization.
I believe SAM has a specific component for "Is process running" to do just that. I am preparing to implement it on a third party custom application we use. From everything I have read, it can do just that.