CHECKIDENT will reseed the identity value, but it will not "fill in" the missing values caused by deletions (or INSERTS whose transaction was aborted) which is what the OP was looking for.
There is no way to do this with an identity value.
I can't resist asking why the OP would want to do this. (If I had to guess, this sounds like an attempt to use an identity as a row number, and that is doomed to fail.)
Jeff Mason
Custom Apps, Inc.
www.custom-apps.com