A used 2007 Trek 7200 FX Bike for $375 CAD?

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You save ~$175 for at most a year's worth of wear and tear, possibly less if they never rode it much. Seems ok.

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The seller says that he has used the bike in two triathlon events and to work few times as well. His motivation for selling is that the bike is not very very fast.

So I'm guessing that it has been used for approx 400 miles. Is this negligible for a $600 bike?

quite negligible.

Approximately how many miles can you put a bike through until failure, assuming occasional maintenance?

I realize you pay more in Canada, but the 2007 listed for US$389 whereas the 2008 is $460, so I'd say this is a bad deal.

Depends on what you mean by failure.

A frame put through non-abusive service can last 20,000+ miles. Trek offers a lifetime warranty on their frames (original owner only).

Various components (deraillers, shifters, rims, hubs, etc) might start failing around 5,000 miles, but its pretty random.

Cables, chains, tires, and brake pads wear out and need to be replaced as a matter of course.

thanks to everyone for their inputs. I visited a LBS today and after testing a road bike, i fell in love with it. I guess i should warn that to the seller

So, you're going to buy the road bike from the LBS?