Is there a jquery event that fires when a new node is inserted into the dom?

Is there an event jquery fires on a dom element when it is inserted into the dom?

E.g. lets say I load some content via ajax and add it to the DOM and in some other piece of javascript I could add an event using .live() so that when an event matching a specific selector is added to the DOM the event fires on said element. Similar to $(document).ready() but on content that is added to the DOM dynamically.

What I am dreaming of:

$('.myClass').live('ready', function() {
    alert('.myClass added to dom');
});

If jquery doesn't support such a thing then is there another way I could achieve this functionality without modifying the code that actually does the initial dom manipulation?