Can processing read e-mail and Twitter feeds?

Processing has a network library (Network / Libraries / Processing.org) that provides similar client and server functionality to the Arduino ethernet library.

There is a third-party Twitter library available from http://mccv.github.com/processing-tweet-stream/.

Generally speaking, at the client end, SMTP is only used to send email. You would usually use POP or IMAP to read email, as at this link - The Coding Train.