Not in JSP (or any other web technology).
You can do it in an elegant manner by using the XMLHttpRequest object
in your jsp and send a more frequent but small request that checks for
any update and if it sees one, you can do a refresh or use DOM, but
that does not belong here anymore.
Look for AJAX or ActiveX if you use only IE.
Or you could do a meta based refresh using a hidden IFRAME too

Before an update you should lock the record and check if it has
changed since you showed it to the user. You can do that via a "last
changed" time-stamp or a field-by-field comparison. If it has changed
you should probably inform the user but you may not need to do so
unless they are changing a column that has already been changed.

What you are really talking about here is that there is a four stage
process which mus be completed before any of the clients get the
information updated. This is not concurrency.

There are generally two ways to solve this, 1) the server controls the
information flow or 2) the client controls the information flow. You are
asking about option 1, and that depends on the server type. To be able
to answer you need to provide a bit more information. What is the server
type, a web server, ejb/servlet app server, general app server
framework, what methods are of interrest or of no interrest to solve the
problem, javascript, soap, http etc.

For a webserver you could use perhaps use multipart replies, long
timeouts etc for an app server you could perhaps open up a sidechannel
which the client could listen to for replies etc...

FYI, reading "how to ask questions the smart way" might help you
http://www.catb.org/~esr/faqs/smart-questions.html#id266016

/tom