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Event Schedule Timing

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We are needing to setup an event based upon an updating to a database table.
1) Is this possible for a event trigger to watch a database table?
2) I believe the timing for an event is it checks every minute to see if the criteria is set, can we set that timing at a lower level instead of every minute can we set it to every second?
Thanks,
Jay
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The best answer: Sreedhar and Srinivas,
Thank you for your response.
I thought about the database creating a file in some directory and then the report kicking off when that happens, that could work for us.
Now in regards to the actual event watcher, it appears you can only set it in minutes. I need for this to be looking or listening every second is that possible?
Thanks,
Jay