former yes. you can manage alerts for multiple servers from one server. under automating administrative tasks in SQL Server Books Online there are topics covering multi-serrver administration and centralizing alerts and writing to the error logs and such.
If one brings so much courage to this world the world has to kill them or break them, so of course it kills them. The world breaks every one and afterward many are strong at the broken places. But those that will not break it kills. It kills the very good and the very gentle and the very brave impartially. If you are none of these you can be sure it will kill you too but there will be no special hurry. Earnest Hemingway, A Farewell To Arms.