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Nov 22, 2016 at 21:43 comment added Phil M @sMiLEysLOth You can configure the cron to run every 5 minutes. Take a look at this simple example: inchoo.net/magento/creating-cron-script-in-magento. The code that the cron runs would be more along the lines of loading a collection of products that match your stock requirements (out of stock). Check out the answer here for how to do that: magento.stackexchange.com/questions/88699/…
Nov 22, 2016 at 16:40 comment added sMiLEy sLOth @PhilMobley any suggestions on how to do this?
Nov 10, 2016 at 21:35 comment added Phil M Personally, I would avoid working on anything during the Sales Order process unless it relates directly to the order — avoiding added complexity on checkout. Instead I would set this up as a CRON every X minutes. Its more effort to get the collection, and the results would not be immediate... but its much better than risking an error in your code would prevent an order from being placed.
Nov 10, 2016 at 15:23 history answered Vlad Patru CC BY-SA 3.0