Of course you can teach yourself but that doesn't mean you can automatically play with others.

The biggest problem people who are self taught have is meter or the beat.  It's almost impossible to jam with them for they can't speed up or slow down to follow the group.  They either go off on their own, want to lead, or get hopelessly lost.  They also tend to lack flexibility in switching keys or simplifying so that you can jam.

The worst thing a newbie self taught does is play the first line of a half dozen songs and can't play one from start to finish.  It's got so I hate to even hear "Stairway to Heaven" or "Freebird" anymore.  Remember you don't have to play it like the album and can have your own arrangements just has to have an beginning, a middle, and an end.  In playing alone, taking up vocals helps alot even if you have voice like a frog.  

There's some excellent books out there and computer programs on exercises, scales, etc.  Take advantage of them for the fundamentals they teach develop your ear for tone.  This makes it easier to jam with others and make stuff up.  

Highly suggest after you learn a few chords, you set in with some "Old Farts" and hit a lick where you can when you can.  You can learn alot from others and with younger folks there tends to be a tad too much ego where older guys have already been there and are in it just for the fun of it.

Tj

If you are looking for a beginners kit here's two alot better than your posted link:

www.musiciansfriend.com/srs7/g=guitar/search/detail/base_pid/519456/

www.musiciansfriend.com/srs7/g=guitar/search/detail/base_pid/519040/

Both the Ibanez and Yamaha are recognized beginner brand names.  Personal preferance on my part would be the Ibanez but would note that Yamaha's have a better resale since it is a recognized school brand.  

It's been literaly decades since I've had a beginner guitar around but unless things have drastically changed, sticking with the brand names is a good idea.  

This is an iteresting acoustic electric beginner set:
www.musiciansfriend.com/srs7/g=guitar/s=acous_elect/search/detail/base_pid/519458X/

The little 10watt practice amp makes it easier to jam with electrics.  This also comes with a chord book, DVD, and instruction book.

The one thing I would caution on beginner guitars is that they are inexpensive for a reason.  Although the tone will be adequate, typically the strings are higher off the frets making it harder to chord than a good guitar.  This is of paticular concern to beginners because you have not developed the callouses on your finger tips.  This means less playing time per setting and can be discouraging.

One way to minimize this is to start with an electric.  Caution here is that a acoustic is better for strumming when jamming and no one really expect alot of leads at first out of an acoustic.  

This is an interesting combo:
www.musiciansfriend.com/srs7/g=guitar/search/detail/base_pid/519659/

I kind of like this because you can use the headphones to keep the world for listening while you learn.  I do also caution not to get into too much grunge at first for many beginners use it like a crutch to cover up technique.  

Explore the Musciansfriend site a tad there's alot of options.

For a little basic information, most of the brand names carry a secondary low cost line.  Most of these are pretty good values since they have to meet the US manufacturers standards.

Gibson's low end is Epiphone which has gained a reputation for quality on it's own merit.  The Epiphones run from low end inexpensive to actually some decent stuff.  Overall their quality is better than average.

Fenders low end is Squirer,  however unlike the Epiphone the Squirer stuff is pretty much all low end.  Fender actually makes a low end superior to the Squirer instruments under it's own name such as the Stratocaster Standard made in Mexico which is superior to the Squirer stuff.

Martin's low end is Sigma and I haven't met a Sigma I didn't like.  The pre-1985 upper end Sigma's were actually superior to Martin US line in many ways.  They were built to the same designs as the Martins with the maticulous manufacturing of the orient.  Martin had Sigma drop their high end stuff as a result.  

The stand alone brands low end to moderate end are Washburn, Ibanez, and Yamaha.  Their high end stuff rivals some of the brand names in quality and sound, however their low end though typically a tad superior to Squirer are not quite as good as the Sigma or Epiphone.  Of course, this is generalties for your ears and hands are the real judge.

Hope this helps.

Tj

BTW, wanted to mention that when I was a young man seeking music fame and fortune I played bass.  This was outstanding as long as I was in a band or jammed with alot of folks.  Alone it gets boring very fast and I took up guitar and vocals as a result.  I still play bass alot during jam sessions but can't recommend it as a beginner platform for I'm afraid it would bore you fast.  It's great for the beginner who has a couple buddies just learning guitar and drums in the garage but alone nope.