Restarter

Restarter’s main purpose is to ensure that critical programs keep running no matter what. Should someone accidentally close a program or should some incident occur and an application is closed, Restarter, as its name so adequately points out, will restart it. To sum it up, this free tool monitors the applications you specify and, if the need arises, restarts those applications.

Restarter works on any Windows edition from Windows 2000 up to Windows 7; to run on a Windows-powered PC, the application needs Microsoft .NET Framework 2.0 or newer. Restarter is available as a standard desktop installer (download an executable, run it, click through the setup wizard to install the application) and as a portable archive (download an archive, extract and run the application from anywhere).

At the top of Restarter interface there’s a list of running processes. The middle part of the interface is taken up by the Monitoring Options, Actions, and the Restart Parameters sections. Down at the bottom you will find the Status window which, when you first launch the application, presents instructions on how to use it.

The aforementioned instructions say that you should do the following:
Step 1 – select a process from the list of running processes.
Step 2 – set the monitoring options, specify what actions should be performed, and set the restart parameters.
Step 3 – start the monitoring session.
Step 4 – save the settings and, if you want to, create a Restarter-monitored shortcut to the currently monitored application.

Restarter is a free application. Cons:
None that I could think of.