This should work - I don't think support for this is native yet so this is the old school way:
1. Create a user variable called Watchdog (in System Explorer)
2. Create two alarms: Watchdog_High and Watchdog_Low , Watchdog_High has limits from 0.5 to 2, a 5 second delay, enabled by default. Watchdog_Low has limits from -2 to -0.5 with similar delay, enable, etc.
3. Link both alarms to the same procedure. The procedure performs your shutdown script (if any) and does a reset alarm and exit.
A rough example is shown in the image below.
Part 2 requires a custom display template (or service) that is going to toggle the user variable Watchdog between 1 and -1 faster than every 5 seconds (or whatever delay you set in the alarms). A quick and dirty way to do this is just to modify the Numeric Control - Medium.vi display template - please copy as a new name! (located in ..\Documents and Settings\...\National Instruments\NI VeriStand 20xxx\Display Templates). I included an image of what I did. Note this is hacked, the cleaner way is to create service to handle this more robustly but this should give you the idea. If the PC crashes or locks up for any period of time longer than the delays on the alarms, the "real-time" side will fire an alarm and do whatever you've told it to do!