The simple answer is yes. you can get every post emailed to you. (but you cannot reply by email.)
I was kind of wrong when I posted that.
I assumed (as they say, assumption is the mother of all f**k-ups) that clicking notify by a board it subscribes you to every thread in the board. I was wrong, apparently it only notifies you when a new thread is posted.
So while you
could get every post emailed it's not very practical as you would have to subscribe to each thread individually. (as asherO said above)