I think jake meant the sun is 93 million miles away. Thus, in looking at it (with suitable protection of course), you are seeing the sun as it was 8 minutes before.
In the situation your friend describes, if you substitute "some kind of life form with a powerful enough telescope", then yes, it is possible that the light emitted from the Earth at the time of the dinosaurs (or any other time), would only now be reaching them, assuming they are sufficeintly distant from Earth.
To see the 'end of the Dinosaurs', their planet would have to be around 65 million Light years away from Earth (A Light Year is a measure of distance, meaning the distance light travels in one year).
This is basically true, though a "powerful telescope" capable of magnifying the minute amount of light would actually reach said distant planet, is stretching the boundary of reality somewhat.
As soon as you try to say "if you could get to the furthest star..." etc - (ie a human to be able to see these events) then the answer is no, for the reasons jake explained above.