Can tooth extraction lead to any life threatening disease ?

Yes: If you have teeth extracted under unsanitary conditions you may get all types of life threatening communicable diseases such as: aids, hepatitis, mrsa, and more. During modern surgery protocols all of these complications are minimized including bleeding to death.

Very unlikely: One possibility is an infection after the tooth extraction. However this is easily treated with a course of antibiotics. The complication rate from the removal of a tooth is very low.

Probably not: However if the extraction site gets infected, you could have a major problem. If the infection is in your upper jaw it could travel into your sinus.

No.: The extraction procedure itself, even with complications would not lead to a life-threatening situation. If general anesthesia or sedation is involved, there is always life-threatening risk as with any surgical procedure.