It is possible, just rare. Go look at the boat and test drive it. If the hour meter is working and the boat looks mint and runs solid that's a good sign, but I would still check the oil dip stick and see if it's clean (no burnt oil on the stick, etc.). Maybe, some gear heads (pardon the expression) on here can give you some more specific things to look for with regards to engine wear and tear.
As for what Barefooter said with regards to weighting and the wake, I have an '02 X5 which is basically a 190 hull and we weight it down pretty good. My tranny is fine after 400 hours (I also barefoot occasionally
). The wake is nice enough to where I've had guys do Mobes, Petes, Raleys, Whirlys and the list goes on. Your not going to get a "pro-size" wake, but it's good enough for what I use it for and most likely for what you will be using it for.