You will need to run low 44 to even be in the running. Most likely, you will need to break 44 to win.
You don't need low 44s to qualify, The olympic standard is around 45.5s to qualify.
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This question is moot because the mile is not an Olympic event. The closest in distance is the 1500m.
The 2012 US Olympic Team trials are listed as 1:46.50 for Men automatic, and 1:48.30 for provisional. The qualifiers for women are 2:01.30 automatic and 2:05.90 for provisional.