I'm thinking about possibly buying a 1997 Jeep Cherokee Sport 4x4 pretty loaded with all power everything, CD + tape, tinted windows, 4.0 I6, Automatic, etc. Oh, but it has HIGH miles... just under 150,000.

Everything looks good and it seems to drive damn good for qa vehicle with 150k miles. If I hadn't seen the odometer I may have guessed 75,000.

What in particular should I look at on this thing?

What common problems may I be looking at?

What are some things I should do to it right away if purchased?

Thanks in advance!

150K, that thing is just getting broke in. With good maintenance practices these engines have lasted up to 300K+. What are they asking for it. To help you with pricing look at kbb.com.
For starters, look at the coolant system, this seems to be the BIGGEST problem for these vehicles. Suggest driving it in stop and go traffic, A/C on max, then just let it idle, in gear for a couple minutes. This will tell you right away if there is ANY problems learking in the radiator, or other components. Also take it to a garage, check the ball jionts, steering linkage. Look for any evidence that might suggest it was played with in the mud at all, if so, be VERY meticulious, looking at EVERYTHING. Why are they selling it? Basically you have to be a JERK, after all its your hard earned money your spending, and you don't want to buy into some one elses nightmare.

My 00' XJ has been a great vehicle , has 93K+ and still running well, never had any really serious problems till now, but I think that maybe a bad replacement part is the culprit here. IF your interested in some after market ideas, look into K&N FIPK, after market exhaust(Banks,Dynomax). As far as things to do when you get it, recommend going through it completely, change ALL the fluids out, Diff's, T-case, engine oil,

I have 289,000 miles on my '97. Still runs great with only normal maintenance.

I have 172K runs great, You wikk not be disapointed with these cherokees