With Alert Manager 2007 there are several different levels of alert management: Farm Alerts, Site Collection or Site Alerts, List Alerts and Personal Alerts. Each level uses a common interface to make the alert management process simple and consistent. Begin by navigating to the Manage Alerts page best suited for your task.
At the top of of each Manage Alerts page an alert filter is available for you to find the alerts you want to manage. A filter can filter alerts by a SharePoint list, a SharePoint user or alerts containing part of a keyword in the title. Depending on your access level, you may also have the ability to change the target site of the Manage Alerts page. This can allow you to manage all farm or site collection alerts from a single page.

The alert list is used to display a paged view of the alerts specified by the filter. The alert list toolbar may be used to modify how the alerts are displayed. The View menu contains two options, Group by user and Group by list. If the Group by user option is selected alerts for each user are displayed together under the user's line item. If the Group by list option is selected alerts for each list are displayed together under the list's line item. The Show menu specified how many users or lists to display per page.

New alerts may be added using the New menu on the toolbar or by clicking the Add Alert link under each grouped item. You have three options when adding an alert: Add Alert, Add Alert to Large Group, Add Alert to SharePoint Group.

Add Alert - You can add an alert to a list or list item of the selected site. The alert targets include SharePoint Users, Domain Users, Domain Groups or a Dynamic Recipient. SharePoint Users, Domain Users and Domain Groups may be selected with a people picker. An alert will be created for each alert target.
Add Alert to Large Group - You can add an alert to a list or list item of the selected site. The alert targets include SharePoint Users, Domain Users and Domain Groups. SharePoint Users may be selected with a special control which makes selecting a large group of users easy. Domain Users and Domain Groups may be selected with a people picker. An alert will be created for each alert target.
Add Alert to SharePoint Group - You can add an alert to a list or list item of the selected site. The alert targets can only include SharePoint Groups. One alert is created for each SharePoint Group. Only members that belong to the group at the time of the alert will be notified.
Selected alerts may be removed from the Action menu on the toolbar. You may also remove an alert from the alert item edit menu (see below).

The alert edit menu can be used to manage each alert individually.

Edit Alert - Open the Edit Alert page which may be used to modify alert properties such as title, frequency, filters, etc.
Toggle Alert Status - Turns the status of an alert On or Off. An alert with a status of Off will not be send.
Delete Alert - Remove this alert
Manage Alert Template - Open the Manage Alert Template page. This option lets you edit the alert template being used by this alert.