The watch command is a good option. If you end up needing more control you can use a while loop:
while [ 1 ]do cp source dest sleep 5sdone
while truedo cp file /other/location sleep 5done
You don't even need to write a script for this, just type while true; do cp file /other/location; sleep 5; done at the bash prompt.
while true; do cp file /other/location; sleep 5; done
Perhaps watch will do:
watch -n 5 date