Unless you've hacked it, apple has a special format for video that you must either download in or convert to. There are some apps out there that will do that for you. As for music, any mp3 file will play on it, no matter where you download it from, and .aac files, which are the ones you get by default from iTunes.
**edit**
Sorry, didn't read your question fully. And no, probably not. The box would have told you the minimum requirements. You can try and take it back, resell it or find a copy of XP.
-S-
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