And AS IS - WHERE IS has been around a long time.
It may have been around for a long time, but it isn't necessarily what it used to be, either, thanks to consumer protection statues. States vary widely in what rights are provided by their consumer protection laws. Particularly in the consumer context, standard "As-is, where-is" disclaimers (even if signed and acknowledged by the buyer) may not be enough to protect a seller who knowingly sells a defective item.
Of course, in this particular case, you would have to first figure out which state's consumer protection laws applied to a sale over the internet.