Dunno about OE, but Rules and Alerts in Outlook provide that capability.
One trouble with Rules and Alerts is that the "marked as read" still
has a bug in it. The little icon that gets created when I have
e-mail gets created even if the Rules and Alerts marks a message as
read.
I open up Outlook, discover that there are no messages to be read, and
then have to mark a folder as read in order to get rid of this
irritation until next time.
On my previous computer with a previous version of Office, I bought a
shareware add-on that sometimes was able to fix this. But it didn't
work well, and I never installed it on this computer.
It is very irritating to be interrupted in my work by a non-message.