@Misterfish:
You lucky "boy" you. These little machines are very good within their size limits and v good value for money if buying new - so "superb" value if free
As somene has already said, they're very handy for knocking out bent/broken/missing bits for all sorts of machines and hand tools.
But first you've got a bit of "hands-on" learning to do if you've never done anything like this before.
Here's a couple of web links to sites which IMHO are absolutely excellent for beginners. Don't worry about the fact that they're Amercian sites - not only did "they over there" start off the "Chinese Mini Lathe" boom much earlier than UK did, you'll also find them written by people just like you - they do NOT assume any prior knowledge. You'll also find lots of links off to other, similar sites, including some in UK:
mini-lathe.com/Home/index.htm
http://www.gadgetbuilder.com/index.html
Both the above are of course preceeded by the usual http and 3 w’s & slashes stuff.
In addition you'll find out lots of ideas on those sites for building "stuff" to improve your lathe/make jobs easier, so much so that if you're not careful you'll get diverted off into "gadget making" (a bit like always making woodworking jigs, etc) - DAMHIKT!
You'll undoubtedly need to buy some tooling etc (the above sites will give you some good ideas) and though Axi themselves have some stuff, you'll find the supplier below VERY good (usual disclaimers):
arceurotrade.com
And finally, for a good forum covering all sorts of metal-bashing stuff (not just model engineering), and with lists of UK suppliers of both tools and materials, try:
model-engineer.co.uk (again with the above prefix).
Good luck, have fun.
P.S. Most people who get started with metal working lathes find that they pretty quickly double the base cost of the (new) machine with all sorts of stuff like tooling, faceplates, chucks, drill chucks, etc. Just because your’s cost NIL doesn’t mean you’ll get way with it! Assuming it’s a “bare” machine you’ve been given, reckon on about 250 to 400 quid, depending on your needs & desires.
Cheers.
Krgds
AES