Is it possible to have rules with action logic?

Hi,

I am creating a rule to set access permissions (content access rules integration) on a piece of content based on the value set in a drop down..

So I want a situation like this..

Event
When new content is saved

Condition
Content is of type X

Action
If field value is A grant access to role 1
If field value is B grant access to role 2
......

I am new to rules and maybe it can't do this but if it can I couldn't see it.. The other option really would be to create a separate rule for each action which I guess is easy enough but I just wanted to see if there was a more efficient way..

Thanks..