I'd say that it depends on the variation you see. If you send an email to 100 people and 40 open version A and 2 open version B, that's pretty signifcantly in favor of version A.
In general though, I try to test at least a few thousand - 5k-10k just to get a larger sample size and have a more accurate test.
I just use a calculator
like this one, and plug in the numbers.