Or, if you're planning on storing the e-mail address if it has not been entered already, throw a UNIQUE index onto the email column and don't even bother with a SELECT query at all...
EDIT: Also, nemonoman's code will always print "Existing email" unless your query becomes syntactically incorrect (e.g. you don't escape the data).
Speaking of... your code is vulnerable to SQL injection attacks; user-supplied data should never be placed directly into a SQL query! Instead, escape it with a function such as [man]mysql_real_escape_string/man.