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In the car I just bought, the previous owner reported a squeaking noise from the engine. The dealer said the idle pulley had failed and replaced it and the drive belt. So I guess it does happen...
I don't know a whole lot about cars, but if the pulley belt is the same as the serpentine belt, mine was replaced at 30-40,000 miles (wear/dry rot) according to the service records.
Are you sure its the pully? I had a squealing noise and it was the belt. I replaced the belt with a Gatorback and its now silent. The OEM belt had a TSB out on it.