Has anyone bought a bike with a salvage title? Horror stories? Great successes?

Long story short, I'm considering picking up an 2005 ZX-10r with a salvage title for a couple grand.

I haven't seen it in person yet, but it's being sold at by a dealer who has been totally upfront about its condition- it was dropped at speed on its right side and is in need of a new brake lever and footpeg minimum. It has a dent in the frame, a dent in the tank, and a dent in the exhaust, but runs strong. I haven't seen the what "dent" means yet.

I'm basically looking to pick something up that I won't mind parking in the rain all winter and could learn to ride at the track next year without worrying about keeping perfect. Another idea is picking it up and parting it out if things turn out to be worse than expected.

So... what do you think? I could have it for a song, but I'd like to hear a good mix of pros and cons before going for it. Thanks!