Yes! Your account features an "Objectionable Word" list and a "Non-Objectionable Word" list. These are located in the "Account Settings" of your account (note that for Family and Organization accounts, this will be located under the "Manage User" section by clicking on the 'Actions' button next to the user who's list you wish to edit).
If you want to be alerted for certain activity, add the appropriate key words or phrases to your Objectionable Word List. You can also specify the level of the alert ("questionable" or "highly questionable").
If you are receiving alerts for something but you do not wish to be alerted for this activity, you can add the appropriate key words or phrases to your Non-Objectionable Word List. This will prevent alerts from generating for those words. (Your accountability partners will be notified of the words that you add to this list).
Please allow up to one hour after adding or removing words from these lists for the changes to take affect.