I have an inventory spreadsheet with 6 columns. I need a formula that will email me when the value of a cell drops below a set point. I.e. if E5 = <3 then email contents of E1, E2, E3, E4, E5 & E6 to mailaddress. Can this be done?

Write some VBA code.
Use the worksheet's calculate sub and call the SendMail function.