I'm not sure what the purpose of your goal is, be it to do an update to a window on every loop, or just once every so often.
However, a long long time ago I was wondering about this for use in a level editor. I did some experimentation, but ended up making do with one window.
You can either use a plugin like BlueGui to produce a new Window, and you set a camera to use an image as a render target; then the interface plugin can draw the image to a window; I cannot remember how fast it worked.
Another way is to create your own window class, represented by camera views (SET CAMERA VIEW command) and mask the window based on any areas not occupied by the views. It would look like you have an MDI interface, but again, I can't remember how fast it worked. I believe it was either Matrix1, BlueGUI or Styx that could set a window mask; also there should be a Windows API command that allows you to set a mask colour key, or mask image.
Finally, if you are only transfering a small set of parameters, file mapping could do the trick between two executable processes. But if you are writing things on a per pixel basis then forget it.