Alarm I/O is a NO/NC switch.
A 12VDC siren would work as long it have it's own power supply to power it. I believe the max rating for the Alarm I/O is 30VDC. Check more about alarm feature in the NVR manual on page 102
However unless you plan to use it indoor, I don't think anyone can set up Alarm I/O on either NVR or Camera with almost zero fault alarm by using video motion alone. There are too many things that can cause fault alarm like bugs, snow, moving shadows.
To reduce fault alarm outdoor or indoor, you would want to attach a sensor like a PIR sensor etc to Alarm In. The better quality the sensor is, less fault alarm you will get.