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not possible out of the box.
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Can I setup an Alert for an entire site or do I have to go into each List, Document Library and Announcement and setup separately.
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Can I setup an Alert for an entire site or do I have to go into each List, Document Library and Announcement and setup separately.

Setup Alerts for entire Team Site?

Microsoft Sharepoint is a software platform and family of software products used for collaboration and web publishing combined. These capabilities include developing web sites, portals, intranets, content management systems, search engines, wikis, blogs, and other tools for business intelligence and collaboration. SharePoint has a Microsoft Office-like interface, and it is closely integrated with the Office suite.