The process handle will be signaled if it exits.
So the following will work (error handling removed for brevity):
BOOL IsProcessRunning(DWORD pid)
{
HANDLE process = OpenProcess(SYNCHRONIZE, FALSE, pid);
DWORD ret = WaitForSingleObject(process, 0);
CloseHandle(process);
return ret == WAIT_TIMEOUT;
}
Note that process ID's can be recycled - it's better to cache the handle that is returned from the CreateProcess call.
You can also use the threadpool API's (SetThreadpoolWait on Vista+, RegisterWaitForSingleObject on older platforms) to receive a callback when the process exits.
EDIT: I missed the "want to do something to the process" part of the original question. You can use this technique if it is ok to have potentially stale data for some small window or if you want to fail an operation without even attempting it. You will still have to handle the case where the action fails because the process has exited.