It can be done. I have been able to get to that point. I have not competed in an olympic distance triathlon, but I am going to in 2008, or that is my goal. I would like to do a sprint distance triathlon first and then move up to an olympic distance.
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2007 Jamis Ventura Comp
2006 Jamis Explorer 2.0
2000 Specialized Hardrock (bought used)
Swim, Bike, Run and sounds like fun