Yep! You can set all kinds of Custom Alerts in Google Analytics. Go to Admin->Custom Alerts (far right column) and configure them any way you want. Here is an example that might be close to what you are describing above.
- Alert Name: High Sales Product:
- This Applies to: Product SKU = Value
- Alert me when: Product Revenue = Increases by more than = Value %
There is some flexibility in the metrics to configure the way you want. You can't do everything but hopefully you find some options that match what you are looking to do.