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Unfortunately, AFAIK, that is not possible with PBS/Torque - the stdout/stderr streams are locally spooled on the execution host and then transferred to the submit host after the job has finished. You can redirect the standard output of the program to a file if you'd like to monitor it during the execution (it makes sense only if the execution and the sumit hosts share a common filesystem).
I suspect the rationale is that it allows for jobs to be executed on nodes that doesn't share their filesystem with the submit node.