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It depends on the dent, how much dented in? Id say no, thats a considerably old bike by now, and probably very beat up , it will likely have knackered bearings on the wheels, generally when bikes are that cheap they have lots of issues needing immediate attention, speaking from experience here...

You could go have a look and take someone very up on their bike maintenance to look it over, personally Id spend a bit more and get something newer, its only gonna save you money in the long run because your going to want to replace outdated parts.

Id say aim for between 08-09ish for around 5-700 pounds mark, My bike is an 07 but it had only been ridden very few times and looked after and probably well looked after at the shop I bought it from, it was cleary in good nick.