You could use it as such with the Windows Technology Add-on and probably be somewhat successful. I'd suggest looking through the available IT operations apps and seeing if it's a fit. You could certainly monitor for service up/down status, application logs of interest, or simple up/down monitoring.
I would not suggest doing realtime monitoring unless it's truly business critical. Each realtime search can use one CPU core. If you can throttle it down to one, two, or five minute search windows resource requirements will be much lighter.