How about:

var target = $(".myPara").offset().top;
var interval = setInterval(function() {
    if ($(window).scrollTop() >= target) {
        alert("made it!");
        clearInterval(interval);
    }
}, 250);

Here's an example: http://jsfiddle.net/andrewwhitaker/24M3n/1/

You might be tempted to attach an event handler to the window scroll event, but John Resig advises against it (Scroll down to "Best Practices").

Update: As @AbdulJabbarWebBestow points out, it might be a bad idea to unnecessarily run a function every 250ms. Here's an updated example that only runs once, 250ms after the first time a user scrolls:

var target = $(".mypara").offset().top,
    timeout = null;

$(window).scroll(function () {
    if (!timeout) {
        timeout = setTimeout(function () {
            console.log('scroll');            
            clearTimeout(timeout);
            timeout = null;
            if ($(window).scrollTop() >= target) {
                alert('made it');
            }
        }, 250);
    }
});

Example: http://jsfiddle.net/24M3n/858/

$(window).scroll(function(){
    console.log($('#myPara').offset().top < $(this).height() + $(this).scrollTop());
});

I had been thinking about the problem of attaching a scroll event (pointed out by @AndrewWhitaker), and my final thoughts are that there is no need to add a scoll event handler every x seconds, since you can just execute a setInterval and check in the callback whether the alert should be shown or not. e.g:

var showMessageInterval = window.setInterval(showMessageIfNeeded, 500);
// you could adjust the interval to the animation duration of the 
// message showing. In this way, the delay will be more "natural"

The showMessageIfNeeded callback would check the scrollTop value and show the message if needed. If the message is displayed, the setInterval have to be cleared to avoid the next executions:

function showMessageIfNeeded() {
    var scrollTop = $(window).scrollTop();
    var targetTop = $(".myPara").offset().top;
    if (scrollTop > targetTop) {
        alert('Show message');
        window.clearInterval(showMessageInterval);
    }
}