With that HUGE blower on it, I bet you could get an anvil up to forging heat! That looks like a pretty powerful forge, if you don't burn holes through it somewhere, you'll have a lot of fun with it. Make sure everything is properly covered with the sand you use as a lining. Speaking from experience, rust may become a problem eventually, but that depends on how moist you store it.
Just a few basic safety tips:
1) metal doesn't have to glow to be hot (you found that one out already).
2) even after dipping a chunk of steel in water, you can still burn yourself on it.
3) DON'T use synthetic materials in clothing or gloves. Hot molten plastic on your skin is
not nice. Burning natural fibre on the other hand is just annoying or painful at most.
...
99) don't forget to put those bricks under the wheels!
Have fun!!!