Is the Owner of a Broken Loom Better than an Owner of a Lonely Loom?

My sister bought a house, and it came was this loom. She did not foresee herself ever having any desire to learn how to loom, so she offered it to me.... and I said "Yeeeeeees!!!!!"..... as I have always wanted to have my own loom and learn how to loom.... or is it "weave"? Either way, I am the owner of this loom and do not know how much it will take to have this "up and running", but am looking forward to having this loom adventure....

Here's a picture of the loom? Does anybody know anything about this kind of loom? Please let me know. :)