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Yes, it's possible.

In the preferences, you can choose what sound you want to hear (It's listed as "New Mail Sound"). You can also change how often Mail checks for new messages.
 
...on a related note, does anyone know where you can download cool mail notifications? I searched on google, but the search results are a minefield of junky sites that rope you around in circles.
 
Wow that's a strange site.:confused:

Any others? I'm basically looking for some 1-3 second audio notifications. The ding of the glass, etc. isn't cutting it. Something like sound effects that are intended for notifications (like custom system sounds).
 
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