yes it could be used as source but if you are not damn experienced with pure nutes you shouldn't try it for now. get some high end veg nutes solution and use the saltpeter for some smoke bombs (if you don't know how pm me)
oh I know dude trust me I have plenty of you tube videos. and the fact is I'm dirt poor after my mh/hps setup gets here. and I happen to have some salt peter and an 18 quart resovoir.
most of the kids at youtube don't know the most essential trick, to cock it in before use but good to know that you have some use for the stuff. by the way, keep it extra dry, its drawing water like stupid!