Automatically Run code in Outlook when new message received

I would like to configure something in Outlook so that every time a new message arrives in a certain folder it runs a script. I have a program to parse the subject of an e-mail but it has to do this manually. Is there anyway to automate this process so that once the e-mail comes in it will run my code. Another possible but less desired solution would be to have Outlook on a timer to run my code every so often.

there should be a message arrival event or similar that will run whenever a message arrives

Hit Alt-F11 keys or on outlook menu Tool -> Macro -> Visual Basic Editor

on the right panel there are two dropdown boxes, Select Application on the first dropdown. Select NewMail <Event> on the second drop down;

or copy paste this;

Code:

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Private Sub Application_NewMail()
    MsgBox ("new mail")
    'insert your code here
End Sub

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That is very close to what I am looking for but is there anyway to go one step further and only run when a message is received in a certain folder?

here's an idea I haven't tested this code,

Code:

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Dim objNS As NameSpace
Dim objPF As MAPIFolder
Dim objitem As Object

'Set objNS = Application.GetNamespace("MAPI")
'Set objPF = objNS.Folders("YourFolder")
Set objitem = GetCurrentItem()


If objitem.Parent = "<YourFolder>" Then
  :
  'insert your code here
  :
End If

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