Yes, you can turn the belt over and inspect it for cracks or missing ribs. Some cracks will be present - but if those cracks are quite numerous or very deep, then the belt will have to be replaced.
The amount of miles on the car, unfortunantly, doesn\'t really factor into this. Possible it was a manufacturing defect in the belt itself or the belt tensioner is frozen, through corrosion or mechanical damage, and not providing the providing the correct belt tension. I\'ve personally went with an aftermarket belt (Goodyear vs the OEM Bando belt) on my Matrix to eliminate a squeaking belt issue.
There are also some vacuum valves for the emissions system that makes clicking, ticking, hissing noises, sometimes chirping noises. Might help to take the car on an extended trip and just drive it out - as a 2007 model with 800 miles, may be a function of not being driving enough.