Lorosco, that's a nice little engine, manufactured between 1939-1941. Because it is O gauge, it should run on any O gauge track.

I suspect that you bought it "as is," and the seller already knows that it doesn't run--otherwise, he would have said so and charged a higher price.

At the time, Lionel had a well-deserved reputation for manufacturing high-quality products, but eighty years will take its toll. An expert might get it running again by installing new parts. For what it will cost, you might be better off purchasing a similar locomotive.