If you need an enterprise solution, check out Event Log Monitor :

displays a consolidated view of all the NT event logs on all the workstations and servers being monitored and provides you the ability to create custom views of events grouped any way you like. Each view is dynamically updated as new events occur in the network.

In addition to monitoring the NT event logs, ELM monitors services, processes, and performance counters and generates alerts when things start to go wrong. The alerts and event log entries are forwarded to a central console which processes the events using notification methods you have defined.

Frank Heyne has made available a Windows NT Eventlog FAQ .