I think you will find it set up for flux core out of the box. The conversion kit will add the regulator, valve, and whatever else is necessary to add the gas shield so you can use solid wire.
Bill

Bryan, I think Bill covered your question on the MIG conversion kit. The least expensive wire feed welders generally use the flux core wire. If you add the MIG kit you'll be able to run the solid wire because you'll be shielding with the gas. Lots of differences in performance, bead appearance, spatter (less when you use solid wire), cost (flux core wire costs more but you don't have to buy gas), etc. between the two. Too much detail to cover in this post. I run MIG (with the gas) most of the time.

You can do a lot with the little 120 volt MIG units but they do have limitations on thickness and are easiest to use on the thinner stock. As I mentioned in another post using the right equipment for the job can really make a difference. A good welder sized to the job and properly adjusted can give you some encouraging results. If you're willing to do a good job preparing and fitting your joints and really practice your technique the little MIGs can do some good work. Don't expect your first efforts to be pretty and don't weld anything critical until you're confident of making a solid weld. I limit myself to 1/8" with my MIG, over that (or on a critical weld) I'll use my TIG or stick to make sure I'm making a solid joint. A more powerful 220 volt MIG would be nice but just not in the budget for me right now.

As someone mentioned in another post, don't count out the usefullness or fun you can have with an O/A welding/cutting rig. I think it's best to learn that in class since you have to learn how to use the equipment safely. The gases and pressures can be quite dangerous if you're careless or don't follow the proper precautions. Besides, it's a lot more fun to practice with school supplied gases instead of buying your own ;^)

Stop by the library and look for some welding books to check out. If they don't have 'em try browsing at a bookstore. I bought my first welding book at Home Depot, Welder's Handbook by Richard Finch. It covers MIG, TIG, Stick and O/A welding and dog eared those pages before I got interested in starting classes. In my intro welding class at the local CC we used Welding Essentials by Bill Galvery (also happened to be the instructor). Lots of info in this book and you can even get it from Harbor Freight.

You might also try asking if they've got any old texts at your CC or vocational school. I picked up a couple of well used but useful old text books that they gave away for the asking. Might not cover all the latest technology but there is still a lot of good information that hasn't changed a lot. Often the welding equipment manufacturers like Miller have the equipment manuals on their web sites for you to browse. You can learn about the equipment setup and operation, and they often include lots of basic how-to welding information in them.

I'd still suggest that you take a class and play in the lab first to help you figure out just what you really need in the way of equipment. In the mean time read, read, read.