Not in the standard UI, you'll need to do some coding.
You've got two problems to code around.
First, the UI doesn't let you go below 15 minutes. This is an arbitrary value, I'm guessing it was chosen by Atlassian to balance the refresh convenience against the possibility of having large numbers of users having dashboards. Drawing a dashboard can be very resource intensive as they can have lots of filters on them, and lots of users can be using them, so you don't want them running at a high frequency. You'll need to dive into the core code to change that value.
Now, bearing in mind I just mentioned the load imposed by dashboard...
Second, dashboards don't work on actions. They work by running their queries when they are visited or refreshed, either by the user or by the auto-refresh. If you want them to refresh on the terms you've specified, you're going to need to write a lot of code to catch any events that should cause a refresh, and somehow feed that to all the dashboards so that they can redraw themselves. That's potentially a lot of code, imposing a heavy load as it runs.
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