It's not a bad little DJ mixer, and as a starter, it will work, but mics plugged into it may be noisy. You can't plug electric guitar right into it, or probably bass either, and get good sound, but that's true of any mixer, really, DJ or not. It'll pass signal, don't worry about the levels, no problems there. A guitar with a battery-powered preamp would be OK, but noisy as well. If you can live with that, go nuts and have fun.
As far as price, it's a discontinued model, and unless you are getting it for a good bit under $100 US, I'd look at something different, if for no other reason than it's resale value is gonna be essentially zero. Again, if that doesn't bother you, go for it. If nothing else, you will have a DJ mixer to practice on, or lend/rent.
What are you recording to?
ps- this is a newbie question, and would be better in the newbie section. This forum is (or is supposed to be) for topics a bit more advanced than this. If you have more questions I'd put them there, or in the forum more appropriate to the subject.