Yes. Download and install the PhotoPresenter Scripts, and select the item “Real-Time Slideshow” from the Scripts menu in PhotoPresenter.

This script launches an slideshow with the contents of a folder that can be changed dynamically. The slideshow is restarted each time the contents of the folder is modified. (Note that sub-folders are ignored.)

If you need a more complex behavior, you can edit and modify the script, which is located in the folder ~/Library/Application Support/PhotoPresenter/Scripts/.