Bought a bike to start, but not sure what I have

I bought a 2001 Raleigh M80 Hardtail MTB with an Aluminum frame and front suspension for $100. Bike itself weighs in at 28 lbs and I found some 2.3 Deax DHEA folding tires and tubes to match to put on the bike. Had it tuned at the LBS and the guy offered $250-$300 if I wanted to trade it in.
Now that you have an idea of my two days of experience with a non Wal-Mart quality bike, can anyone tell me what this bike is best suited for? XC, AM, paved only? I need the forum's collective wisdom to make sure I don't go out and over task the bike somewhere it isn't supposed to be.
Now that you have an idea of my two days of experience with a non Wal-Mart quality bike, can anyone tell me what this bike is best suited for? XC, AM, paved only? I need the forum's collective wisdom to make sure I don't go out and over task the bike somewhere it isn't supposed to be.
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+ some other bikes.