The code I posted should do exactly with that, with the advantage that the section of code you're currently in will continue to run UNTIL you release the button. What you're proposing will HANG the current program section until you release the button. But here you go:
Code:
code1:
if button=0 then     'check if button is pressed
  PAUSE 5                       'allow some contact bounce
  WHILE button=0 : WEND  'wait for it to be released
  PAUSE 5                     'allow some contact bounce
  goto code2
ENDIF
'somecode here
goto code1

code2:
if button=0 then
  WHILE button = 0 : WEND
  goto code1
ENDIF
'somecode here
goto code2
and obviously, button is a reserved word.