I bought one of these on impulse. Yes, I'm new to guns. Does that mean I have to get a new barrel and stock?/QUOTE]
First of all, stop buying on impulse! LOL, yeah, right!
Seriously, you'll be happier in the long run if you research your purchases a bit before making them. You will still end up buying a lot of stuff that you end up selling shortly afterward, buy at least you won't feel so silly when you do.
Like others have said, don't start spending a fortune on modifications and "upgrades". Shoot the gun, get a feel for what it can do and for what you can do. Practice the basics. You have a perfectly good action, probably a perfectly good barrel (if you're lucky, a really good one!) and the potential for improving a model 700 in the future, when you have a better idea of what you want, is huge. Get a decent scope and mounts and have fun!
You can free-float the barrel yourself very easily, and if that doesn't work out you can just as easily "un-free-float" it. You can have the trigger adjusted inexpensively by a 'smith to be very shootable (personally, I would choose this as my first upgrade). You can brace the stock internally to make it stiffer for next to no cost. Google all this stuff for more info.
Probably most important: If you really want to spend more money now...buy a kit and start reloading!