Yes, and No.
Timers.Timer has an Interval that is declared as Double. Msdn says "value must be greater than 0" -- I test with 0.01 and it works.
Windows.Forms.Timer (which is what you get when you drag a Timer control onto your form) has an Interval that is Integer. No decimal places.
-I'm not sure setting it any smaller will actually achieve what you want. If you want it to run as fast as physically possible, use a background Thread.