Sorry to tell you, but that light isn't going to work. Take it back and pick up a bunch of CFL's. Or find a grow shop in your area and by an HID system. Either metal halide or high pressure sodium.
Remember, heat is your enemy so if that light puts off lots of heat, it definitely won't work. Get some fans as well....
Read up on the GROW FAQ. Or read Widow Makers thread..
How To Grow Marijuana
Will it bud? That depends on if it's male or female.