Many cells reveal oscillatory behavior. Some cells reveal action-potential firing resulting from Hodgkin-Huxley (HH) type dynamics of ion channels in the cell membrane. Another type of oscillation relates to periodic inositol triphospate (IP3)-mediated calcium transients in the cytosol. In this study we present a bifurcation analysis of a cell with an excitable membrane and an IP3-mediated intracellular calcium oscillator. With IP3 concentration as a control parameter the model reveals a complex, rich spectrum of both stable and unstable solutions with hysteresis corresponding to experimental data. Our results reveal the emergence of complex behavior due to interactions between subcomponents with a relatively simple dynamical behavior.