Richard is right, it can be traced to a point but then the service provider is the only one who has the remaining route. unless the email comes from an email server within a company and that company has a registered static IP address.
if it came from say google gmail, you can trace it back to the gmail/host server location/s but beyond that it gets tricky as most internet users have dynamic ip address, meaning you switch your router off and on and you get a new IP address, only the service provider knows which account holder used which ip address at any time.
Andy