Is there a "Content Alert" feature?

So, I'd like to set my forum up so members can not only get email notifications when subscribed to a thread but I want to go one better and be notified if something I'm particularly interested in is mentioned in a thread.

As an example, if it's a Rock n Roll forum, I'd like to be alerted if the band "Deep Purple" is mentioned.

So, after I receive my alert, I can go right to the thread and then chose whether to subscribe to it.

Please advise..