How can I automatically extract test results from Selenium IDE test runs and generate reports

I have automated some functional tests for a web application using Selenium IDE and I want to schedule the tests to run automatically overnight. Is there a command or Add-On that will enable me to export or extract details from the test log and test results (pass / fail / errors) in a user readable format so that I can quickly check test results. I'd like to ultimately go beyond this and create alerts when tests fail but I suspect this may be well beyond the capabilities of Selenium since it is, after all a FREE open source tool. Are my expecations too high? Am I dreaming of a Eutopian Selenium world that simply doesn't exist or is this actually possible?