I am wondering if the FEA in Inventor 2013 is capable of simulating a pipe under a point load and at what point the pipe fails. Its a simple 2in dia pipe supported by a vertical tube with a load of 'X' centered on the pipe.
Yes, it can do this. But it depends on what you mean by failure. Inventor will perform a linear analysis, so any result with stresses above the yield stress will be meaningless. But if by failure you mean "exceeds the yield limit", then Inventor will be of use.