to COM, you have to COM something. The problem is that SP2 kills the automated COM mail routines... unless someone has hacked their way around it.
Many use BLAT, and there was even a post using telnet to post directly to smtp port.
I have a the script log events that would have been mailed to me, and a admin app for me that parses, looking for new events...
your solution is kind of specific as to what you would like to do.
