I think this is not doable with your given constraints (O(n) time and O(1) space, i.e. no additional space) for an array or array-based list. (Assuming of course, that we can't simply create a new List object delegating to the original ones.)
If you have two linked lists, this is doable - if we assume the garbage collector is fast enough, i.e. deleting an element from one list and adding it to another list does not violate the space limitation.
public <X> void interleaveLists(List<X> first, List<X> second)
{
    ListIterator<X> firstIt = first.listIterator();
    ListIterator<X> secondIt = second.listIterator();
    while(secondIt.hasNext()) {
        fistIt.next();
        firstIt.add(secondIt.next());
        secondIt.remove();
    }
}
This method works for any pair of lists, but is only O(n) for linked lists.
For a custom linked list where we can modify the pointers, we don't have to rely on the garbage collector, we would simply change the nodes. Here for a singly-linked list:
public void interleaveLinkedLists(Node<X> firstList, Node<X> secondList) {
    while(secondList != null) {
        Node<X> nextFirst = firstList.next;
        Node<X> nextSecond = secondList.next;
        firstList.next = secondList;
        secondList.next = nextFirst;
        firstList = nextFirst;
        secondList = nextSecond;
    }
}
For a doubly-linked list, we would also have to adapt the prev-pointers.
Here the wrapping variant mentioned in the first paragraph:
public List<X> interleaveLists(final List<X> first, final List<X> second)
{
   if (first.size() != second.size())
      throw new IllegalArgumentException();
   return new AbstractList<X>() {
      public int size() {
         return 2 * first.size();
      }
      public X get(int index) {
         return index % 2 == 0 ? first.get(index / 2) : second.get(index / 2);
      }
      // if necessary, add a similar set() method.  add/remove are not sensible here.
   };
}
This is actually O(1) in time, too.