If it is possible, it would involve editing the message format for Document notifications. I would think there is a Jive shortcode (or whatever they call it) that you could insert into the message. You'll need to give some thought to the formatting of the message in general, for example decide how you would represent different edit types such as deleted, changed, and added. This could get especially interesting for plain text email clients. (You can have separate message templates for each type of client.)
Hi Stephanie! On your document, there should be a small area in the top right hand corner of the document that says "Version XX" with whatever version number the collaborate document is on. You can click that to see all versions of the document and see the changes. Hope this helps!