Ummmm...... more like going out in the woods with a Civic. You'll go a few places, but with lots of cursing, breakage and lack the ability to really get where you want to be.
Okay, the kit is cheap. You're getting prehopped malt syrup, and it all looks like no-boil kits. You'll get beer (still probably better than Bud,) but not up to where it could be.
Once you get through this first batch, find yourself a Local Home Brew Shop. If you don't have one handy, check out Northern Brewer, More Beer, Midwest Supplies or any of the other home brew shops online. Basic kits run more than the Mr. Beer kit, but there's a huge amount of flexibility, as well as just plain better equipment.
Regardless of what direction you go, clean, Clean, CLEAN! You really want to only have saccharomyces cerevesiae (beer yeast!) taking up residence.