Wow $22 is a really good deal for ANY sort of marine equipment :bounce: ! Will be interested to see how it performs!
I think the problem with "conventional" biological media used for FW fish is the ratio of aerobic to anaerobic bacteria. Media like ceramic noodles provide a lot of surface area for aerobic bacteria, but not for anaerobic bacteria. Live rock, on the other hand, provides surfaces for aerobic bacteria as well as anaerobic bacteria. Therefore using live rock allows the removal of nitrates by anaerobes as quickly as they are produced by the aerobes.
But honestly though, if you are only going to keep fish and soft corals, both of which can tolerate nitrates, then I wouldn't worry about using "conventional" biological media as the main form of bio-filtration.
As for your rock, if the rock you bought didn't came straight out of someone else's tank, it will not become "live" simply by your adding salt water. You will need to get a piece of rock with goodies such as coralline algae, pods, sponges and other inverts; in time, these organisms will spread onto your other rocks.