is wordpress right for this project?

1. create an event listing website, some of the things i need are listings, in date order

Plugin to look at:
http://wordpress.org/extend/plugins/events-calendar/

2. archived once date has passed

WordPress native archive ability can be controlled with templates and the Template Hierarchy

3. profile pages for musicians which they can update

See plugin tags:
http://wordpress.org/extend/plugins/tags/user-profile
http://wordpress.org/extend/plugins/tags/profile
http://wordpress.org/extend/plugins/tags/membership

4. calender to search dates for events
see 1

Actually I meant to point you to http://wordpress.org/extend/plugins/event-calendar/ which assumes events are in a ‘designated’ category, so what about using Tags instead?