People historically have used far worse materials for knives than even the low end fantasy knives made today. People have used copper and even bone knives, in comparison even the lower grade steels are upgrades. So can you use that knife - yes. The performance in many respects will be low compared to a Combat Bowie or other decent knives, but it is unlikely it will suffer gross failure immediately.
I have used a few of them, not that one in particular, but a lot of flea market level knives, the guard is likely to loosen quickly, the handle material is probably low grade rubber, the tang is likely weak, and watch the edge around knots, NIB sharpness is also probably low and the steel could be problematic to get really sharp and may be best left filed as Jeff has noted for some of the low end blades.
-Cliff