Event - Launch an executable
This event type gives you all kinds of capabilities to do things when network conditions go south.
While this option is called "Launch an executable", it can actually launch any file. It can launch documents, links, .mp3s, batch files, whatever - really anything with a file association that Windows will know what to do with.
Of course, you can control when you want to launch the executable (when the problem starts? when it ends?). See the associated documentation for more details.
The filename to launch (and/or parameters for that filename) can use variables to pass an IP Address, name and date/time to the called program. Note that these are always parsed - and there is no way to cause these to be passed as literals. If you need to have one of these strings as literals passed to an executable, then you'll need to set up an intermediate link, batch file, or similar.
Note: The launching program isn't closed - it's just launched. You'll need to configure your setup to do any appropriate follow-on actions.