We investigate theoretically how single molecule spectroscopy techniques can be used to perform fast and high resolution displacement detection and manipulation of nanomechanical oscillators, such as singly clamped carbon nanotubes. We analyze the possibility of real time displacement detection by the luminescence signal and of displacement fluctuations by the degree of second order coherence. Estimates of the electromechanical coupling constant indicate that intriguing regimes of strong backaction between the two-level system of a molecule and the oscillator can be realized