No and no. Run away!
No they will not go bang every time. No they will not accept standard 1911 parts. There is a Springfield Armory Mil-Spec on the Equipment Exchange right now for $400 with a bunch of extra magazines. That's a specification gun with real customer service behind it, and that's about as inexpensive as you are going to get with a "real" 1911 that stands a good chance of working, right out of the box.
Take it from someone who has fought the good fight with cheap 1911s. I love cheap stuff, I'm not a snooty gunowner. I bought an IAI GAL M6000 awhile back. Never heard of it? That should have been a warning to me. Some times, in the world of guns, you can get a really great deal for very little money, and sometimes you really "get what you pay for". With 1911s I have come to the conclusion that you get what you pay for. There is no such thing as a cheap 1911. There is a cheap 1911 that won't work, and an expensive 1911 that will work.
Welcome to the boards.