Just to be a good Wiki citizen and strive for completion, there are other ways. I didn't suggest it earlier because it is complete overkill for something that is only going to be run in-house as part of a test suite, and you said right in the title you wanted something easy.
But if you need to see events as they occur in shipping code, read on. Believe it or not there are three different Windows APIs for this thing at this point.
NotifyChangeEventLog()
The original API for this sort of thing is called NotifyChangeEventLog() and it was supported starting in Windows 2000. Essentially you use the WIN32 event log APIs to open the event log, then you call this API with the handle you were given by the other API and an event handle. Windows will signal your event when there are new event log entries to look at.
I never used this API myself, because most of my interest was in remote event log access and this API explicitly does not support remote logs. However, the rest of the API set this belongs to does let you sequentially read remote logs if you have the right permissions.
Windows Management Instrumentation
A second way is to use the Windows Management Instrumentation API, and this does support both local and remote logs. This is a COM/DCOM based API that has existed for several years in Windows, and the .NET Framework has a nice implementation of it in the System.Management namespace. Essentially what you do is create an EventQuery that looks for the appearance of new WMI objects of type (meaning within the WMI type system) of Win32_NTLogEvent. The appearance of these will indicate new event log entries, and they will present pretty much in real time. The attributes on these objects contain all the details of the log entry. There's an article from MSDN magazine that talks about playing around with this stuff in Visual Studio.
Again, this would be total overkill for a test application, it would require far more code than your existing solution. But years ago I wrote a subsystem for a network management application that used the DCOM flavor of this API to gather the event logs off of all the servers on a network so we could alert on particular ones. It was pretty slick and darn near real time. If you implement this in C++ with DCOM, be prepared to deal with Multithreaded Apartments and a lot of hairy logic to detect if/when your connection to the remote server goes up or down.
Windows Vista Event Log
Windows Vista (and Server 2008) have a whole new API suite relating to event logging and tracing. The new event log is documented here. It looks like there is an API called EvtSubscribe that allows you to subscribe to events. I have not used this API so I can't comment on its pros and cons.