Sorry for the Noob Question but...
 

I'm looking at buying a Boxster so I decided to cruise the forum to get an idea of what I'm getting into and I've come across a lot of stuff about failing IMS. What exactly is this IMS, and what should I be looking for when purchasing.

Also, anything else I should look into before signing any papers? It's a '97 with 41K on the odometer.

Welcome aboard,
Its a Intermediate main shaft bearing.
Sadly there are very few obvious signs of a failing IMS until its too late. There are loads of threads on here though.
Personally, I always filter my used engine oil for metal fragments as this can be an indication of a potential fail.
Please don't ley this put you off buying one of the sweetest handling cars on the road as its not destined to happen, just unluckly if it does.

A lot of folk in the US will insist on a Porsche inspection. In the UK, service history and a damn good check over usually does the job. Drive it and look and listen for anything that does not feel or sound right. They seem to get through brake pads and discs, plus the odd leak from the RMS (Rear main seal) is often found, both are easily repaired, and to be honest, nothing is above the home mechanic despite what a Porsche dealer will tell you!

I have a '97 model and absolutely love it.....

Try reading this series of pages for more than you ever wanted to know about buying a Boxster.

Thanks brother. I did a little reading and saw a few threads talking about it. I did give this car a once over but am going to look at it in the daytime. It looked real nice and the low miles grabbed my attention. Not too worried about the mechanical stuff, just finished building a 500 rwhp v-8 so I can handle turning the wrenches. Just have to find my way around this motor. It looks like it is easier to get to most of the stuff from actually underneath the car as access to the top of the motor looks a bit tight.

What are some of the mods that you guys are doing to the suspensions on these? I'm pretty sure they are going to be pretty tight from the factory but should I be looking for replacing any bushings or dampners/springs. I know I had to rebuild my entire suspension on my Mustang to get it to handle and launch good.

I am not looking to do a whole lot to this car, maybe some tires and wheels and some suspension if I need it, but basically I'm looking for a daily driver just to tool around town as my current car is kind of a ******************** to drive in traffic. Goes real good when you get on it but it just doesn't like light throttle driving.

Full suspension upgrade: http://986forum.com/forums/general-discussions/35845-suspension-upgrade-week.html