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I am eyeballing a 97 Silverado with 125k on it. And it doesn't look rusted to shit which is good. What are things I should look for when inspecting an old truck for purchase?
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Check out the transmission (fluid, shifts, etc), and ask about maintenance history. Look for a cooler.
Listen for the sound of the fuel pump. The noisier it is, the more likely it is to need attention. These GM fuel pumps don't handle low fuel levels well, so hopefully the seller is the type of person that refuels no lower than 1/4 tank.
Look at the sides of the radiator. That plastic gets brittle over time. If it looks new, you're good. If not, look for leaks and expect to replace it in the next couple years or so.
Look for rust on the brake lines. It's probably not a deal killer, but it's something else to budget for or maybe try to use for negotiations.