Yep, IVM will pop-up a system tray notification by default when there is an incoming call.
Make sure you set IVM to ignore the calls though. This can either be done by setting it to 'Off' mode (which might disable the notifications, I'm not sure) or setting IVM to answer after an absurdly large number of rings (e.g. 20).
In my honest opinion though, it's not worth it to purchase an IVM license for this single feature. There are other programs out there that provide a similar feature, some of them even freeware. IVM is a very feature full program that has unlimited applications and potential in the business or even home environment, and it seems very wasteful to use it for such a simple task. It would be like buying a full business customer relationship management software suite and using it as a family address book.