I recently bought Fannie Mae @ .45 cents... your feelings on that?

I just opened up a Scottrade account with $100 and bought FNM dirt cheap... I'm young and want to get started in the stock market... I waste money all the time on clothing and partying... why not waste it in the stock market and possibly make some in the meantime... is this smart?... and any suggested cheap stocks?? (under 3 bux.... any help or advice would be greatly appreciated.... Thanx in advance.....