absolutely not. How would the system know how to collapse over a million records if the table was that large? You'd have a very complex cascade of transactions, and that auto-inc field would have no meaning to anyone else simultaneously using the database. For that reason alone, even if it were possible, it wouldn't be a good idea.
As long as your sort criteria is iron clad (off the autoinc field itself), when doing your while() loop, you can just increment a variable in PHP as $i++, so that records in the db with sequence 1, 4,5,6, 8,9 .. could be referenced as 1,2,3,4,5,6..
Sam