Unfortunately, there is no way to do this right now in the base product. However, there are plenty of 3rd party products out there - look for KnowledgeSync from VineyardSoft or Orbis TaskCentre.
Essentially, these products can all "watch" your database for events to occur. The one you mention above is just one - but I'm sure you can think of plenty of others ! So, by using a 3rd party app like the ones mentioned you can watch for any event and then take action. As opposed to a "point" solution like this one. However, if you really need just this - you can have your BP customise the system to run this event especially given the conditions you suggest.
Regards
Mike