You can define DISABLE_MAIL in config.php to have it logged to a file. Here's the comment from class_mail.php:
Code:
/**
* Send the mail.
* Note: If you define DISABLE_MAIL in config.php as:
* delimited email addresses - Only mail for the recipients will be sent
* <filename>.log - Mail will be logged to the given file if writable
* any other value - Mail will be disabled
If you run a mail test from the admincp, I believe (based on a look at the code) that it will be sent even if you've defined DISABLE_EMAIL.