Applescript or a shell script will work.
in a shell script, just do
Code:
#!/bin/sh
while [ 1 ]; do
/path/to/application.app/Contents/MacOS/appname
sleep 5
done
That will launch the app, and if the app crashes, pause five seconds, then launch it again. To stop the loop, hit control-C in the terminal window used to run the script.