Is it possible to see how much trust a certain wallet/user has extended in Ripple? I can use the Ripple Live Network graph to see the balances of any given wallet on Ripple, but in order to know whether to trust someone (even a close friend), I might want to know how much trust they have extended to others. 

If, for example, somebody has a current balance of 30 USD but they have extended trust worth 150 USD, I might not want to trust that person since at any moment they might have sent out IOUs for far more value than they actually possess.

So is it or will it be possible to see how much trust somebody has extended to others in their network? (Or have I misunderstood something here?)
My understanding of trust in ripple is that it is public - Finding the web of trust that links two people needs to be fast, and it also needs to work when the intermediaries aren't connected to the ripple network. However, while you might know that account rWIOWNDKALJOWIOWDKLj trusts rWOIASIOISDKLFJALSKF for 100 dollars, you don't necessarily know their name/location.

Another important point is that you don't have 'Balance' in Ripple, you have somebody who owes you money. So just knowing that this hypothetical person is owed 30 dollars doesn't mean much - they could be deadbeats, or a bunch of accounts operated by the same person. (If you had a list of trusted IOU issuers, you could mitigate this.)

Also, in your example, they might not be overextended; they could have 300 dollars in their mattress, and be entirely capable of paying off IOU's.