Yes.  If you login to your server via SSH and check the /home/centovacast/system/scripts/ directory you'll find a file named README which explains how the event notification system works.

After you've enabled event notification and created one or more custom scripts, Centova Cast will automatically run your custom script(s) when it performs certain actions.

You should check the README file for the most up-to-date list of scriptable actions, but at the time of this writing, Centova Cast can run custom scripts before or after any of the following events occur:

• account creation
• account updates
• account deletion
• account status changes
• media library updates
• server/autoDJ restarts (after Centova Cast's monitoring system detects an outage)
• server/autoDJ restart failures (after a monitored outage)
• client broadcasting above bit rate limit
• starting server/autoDJ
• stopping server/autoDJ
• reloading server/autoDJ
• track advancement (called before each song is played by the autoDJ)
• log rotation