Actually, yes. The most effective method is to simply patch run-times in the loader. Kernel/daemon stuff can have custom patches for better responsiveness. Even better, if you have access to all the source, you can patch in the compiler.
The patch can consist of a distributed scheduler of sorts. Each program can be patched to have a very low-latency timer; on load, it will set the timer, and on each return from the scheduler, it will reset it. A simplistic method would allow code to simply do an
if (timer - start_timer) yield to scheduler;
which doesn't yield too big a performance hit. The main trouble is finding good points to pop them in. In between every function call is a start, and detecting loops and inserting them is primitive but effective if you really need to preempt responsively.
It's not perfect, but it'll work.
The main issue is making sure that the timer return is low latency; that way it is just a comparison and branch. Also, handling exceptions - errors in the code that cause, say, infinite loops - in some way. You can technically use a fairly simple hardware watchdog timer and assert a reset on the CPU without clearing any of the RAM; an in-RAM routine would be where RESET vector points, which would inspect and unwind the stack back to the program call (thus crashing the program but preserving everything else). It's sort of like a brute-force if-all-else-fails crash-the-program. Or you could POTENTIALLY change it to multi-task this way, RESET as an interrupt, but that is much more difficult.
So...yes. It's possible but complicated; using techniques from JIT compilers and dynamic translators (emulators use them).
This is a bit of a muddled explanation, I know, but I am very tired. If it's not clear enough I can come back and clear it up tomorrow.
By the way, asserting reset on a CPU mid-program sounds crazy, but it is a time-honored and proven technique. Early versions of Windows even did it to run compatibility mode on, I think 386's, properly, because there was no way to switch back to 32-bit from 16-bit mode. Other processors and OSes have done it too.
EDIT: So I did some research on what the DCPU is, haha. It's not a real CPU. I have no idea if you can assert reset in Notch's emulator, I would ask him. Handy technique, that is.