Haha you got a hell of a deal! If you don't want to mess with the cooler right off the bat, get an air cooled torch for the time being, they're not super expensive and super simple. Do yourself a favor and et a flex head torch, your wrist will thank you later. Water cooled torches are pretty much a must for running AC, as it heats up the torch reaaaaal quick.
As for everlast machines, to me, it's a waste of money, even for a hobbyist. They have great options and the multiprocess ability is great on paper, but there is a reason they are so cheap. Especially an inverter machine, there's more electronics in them than iPhone and desktop computer combined. That being said, they're built very cheaply, if you're spending the money, do it wisely and buy a red or blue machine.
Personally, I'm a Lincoln fan, I like the arc characteristics of their machines over others. At my college(penn college of technology), they had every different machine from the 70s and newer, power sources with wire feeders, industrial CC machines, sub arc, robotics, everything, the Lincoln's outperformed the rest.