You wouldnt make too much on ebay with it, but have a look an there it may be worth doing.
If you have the video and power cables, get a copy of Forza and have at it! You only need to plug it into your internet service if you want to play people online, which is £40 odd quid a year extra as a subscription to xbox live. You'll need an xbox wireless adapter or just plug in an ethernet cable to access xbox live.