There is no easy built-in way to do this. However, there are many ways to configure Applescript to run. However, in general, you will need to do non-Applescript coding.
Check the information in this prompt and OSXHints:
http://hints.macworld.com/article.php?story=20060817044149264
They have a Python script demonstrating the use of fsevents.so to monitor file changes. Then you just modified Python to call your Applescript (or just use the application to write scripts from Python).
Alternatively, you can simply check the program for a specific interval and then run if the file changes. This hint describes that in Perl:
http://hints.macworld.com/article.php?story=20031001073403810