You can do that with Quartz.
Example
Project structure for this example is:
C:.
|
+---src
|   |   quartz.properties
|   |   quartz_data.xml
|   |
|   \---org
|       \---paulvargas
|           \---test
|               \---quartz
|                       TestJob.java
|
\---WebContent
    \---WEB-INF
        |   web.xml
        |
        \---lib
                jta-1.1.jar
                log4j-1.2.17.jar
                quartz-2.1.5.jar
                slf4j-api-1.6.5.jar
                slf4j-log4j12-1.6.5.jar
TestJob.java
This file may contents the call to WebService.
package org.paulvargas.test.quartz;
import org.quartz.Job;
import org.quartz.JobExecutionContext;
import org.quartz.JobExecutionException;
public class TestJob implements Job {
    @Override
    public void execute(final JobExecutionContext ctx) 
            throws JobExecutionException {
        System.out.println("Call to WebService");
    }
}
quartz_data.xml
In this file you put a cron expression (you can build it with http://www.cronmaker.com/)
<?xml version="1.0" encoding="UTF-8"?>
<job-scheduling-data
    xmlns="http://www.quartz-scheduler.org/xml/JobSchedulingData"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xsi:schemaLocation="http://www.quartz-scheduler.org/xml/JobSchedulingData http://www.quartz-scheduler.org/xml/job_scheduling_data_2_0.xsd"
    version="1.8">
    <schedule>
        <job>
            <name>TestJob</name>
            <job-class>org.paulvargas.test.quartz.TestJob</job-class>
        </job>
        <trigger>
            <cron>
                <name>TestJob</name>
                <job-name>TestJob</job-name>
                <cron-expression>0 0/5 * 1/1 * ? *</cron-expression>
            </cron>
        </trigger>
    </schedule>
</job-scheduling-data>
quartz.properties
# ----------------------------- Threads --------------------------- #
org.quartz.threadPool.threadCount=5
# ----------------------------- Plugins --------------------------- #
org.quartz.plugin.jobInitializer.class=org.quartz.plugins.xml.XMLSchedulingDataProcessorPlugin
web.xml
<?xml version="1.0" encoding="UTF-8"?>
<web-app xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    xmlns="http://java.sun.com/xml/ns/javaee" xmlns:web="http://java.sun.com/xml/ns/javaee/web-app_2_5.xsd"
    xsi:schemaLocation="http://java.sun.com/xml/ns/javaee http://java.sun.com/xml/ns/javaee/web-app_2_5.xsd"
    id="WebApp_ID" version="2.5">
    <listener>
        <listener-class>org.quartz.ee.servlet.QuartzInitializerListener</listener-class>
    </listener>
</web-app>
I hope this can help you. Good luck!