It most certainly is!!
You can set up just about any alerting method you want - only limited by your (or others) ingenuity. There are a number of built-in notification methods (email is one of them). One method allows you to run an external script or application which allows you to do all sorts of things (SMS, paging, play sounds on remote PCs, etc).
I can only encourage you, as a newbie, to put some time and effort into setting up The Dude. It is, IMHO, the best, most versatile monitoring product available (this includes the very expensive, well known ones). I can't claim to have used every product available, but I have tried quite a few (including some of those expensive ones). We have been using The Dude now for 2 or 3 years.
There is a wiki with some good information on things to consider when setting up a new system, a really good discussion/explanation on custom probes in this forum and an active user community on this forum to help you help yourself with any issues you might run into.