All SharePoint (2007/2010) lists and libraries are RSS enabled. They also support email alerts. Be careful of terminology as you search for information–the word ‘alerts’ will get you going in the wrong direction. In any event, you can use the RSS viewer web part to look at any SP or external RSS feed.
<i>This question was answered by Spencer Harbar, Enterprise Architect at Microsoft and Dan Holme, Consultant and Trainer, Intellium.</i>