It is possible to trigger camera events with AHP and even open a viewing window for IP cameras.
However iwatch isn't meant for IP Cameras and isn't needed to do the above.
Perhaps x10 will get some new programmers onboard to expand on the iwatch plugin for AHP.
To trigger camera events and open a viewing window for your IP camera you need the Smartmacro plugin.
Viewing is easy, just trip a windows command that opens the IP cam software.
I haven't played with the X10 IP cam Software but if it can be used via a command line you may also be able to trip other events.
Also look at
AutoHotkey you could use this with a windows command to perform camera events with a script
You'll need to discover http calls made to the IP camera to tell the camera tasks directly
WireShark can be used for this unless support will provide you with that info.
I don't believe there is an API or SDK for the cameras released yet.
Note: AutoHotKey and WireShark are free downloads.
Performing Tasks triggered from an IP camera event is a little more difficult but can be done using something to watch your email inbox and triggering an event from it.
PC Companion can do that as well as the other stuff.