Sure, it's possible and fairly easy to do, all within the StackExchange system! I have a few setup, and get emails from StackExchange once a day if there's new questions, none if not.
The thing you're looking for is a "tag subscription" or "filter". If you do a search on the main meta.so site you'll see the instructions for setting it up. (It's not too tricky, but there's sadly not a single click button on a tag page to do it)