If you receive the Error: "You do not have an e-mail address. Alert has been created successfully but you will not receive notifications until a valid E-mail has been provided in your profile.", and are a stand alone SharePoint user with no Exchange Mailbox, the following article contains instructions on how to update your SharePoint user Profile to Edit your current E-mail Address.
1. Log into your team site.
2. If the alert has already been created, you will need to Edit your User Profile to repair the error. Using admin permissions, Select Site Actions then Site Settings.
3. Under the Users and Permissions column, Choose People and Groups.
4. Select the appropriate user check-box and click the user name to view that user's information.
5. Along the top, Select Edit Item.
6. When the Edit Personal Settings window appears, add or validate the E-mail address is present and correct.
7. Select Save when finished.
Once you have added a valid E-mail Address, the alert will automatically update and begin working as configured.
NOTE: The ALERTS send out as email@example.com. This is a GLOBAL setting and cannot be altered.