First, welcome to Audio Karma!
You're going to find out it's a very friendly and helpful place, and if you hang around, you're going to make a lot of friends.
Second, plugging in a radio that old was a very big risk. Since you didn't mention anything about having to call the fire department, you appear to have dodged a bullet, but I really wouldn't plug it in again until you have the opportunity to do some work on it. And, I certainly would be doing some work to fix it up, because it's worth a lot more than you paid for it.
My first suggestion would be to do some relaxing and very enjoyable research. I would recommend that you check out the web sites of Radio Daze (
www.radiodaze.com), and Antique Electronics Supply (
www.tubesandmore.com), and check out their selection of books. You will find quite a few on restoring old radios. Pick up one or two, and when they get delivered sit down with a cup of coffee or a cold one, and do some reading.
You'll find out that you need to replace the capacitors in the radio, and check the resistors to determine if any of them need to be replaced. You'll need to gently remove the tubes, clean the sockets, clean the switches and controls, dust the chassis, etc. When you're ready to fire it back up, you'll probably need to do an alignment (adjust the adjustable bits) so that the radio receives well.
Too much to cover in a post! The books will help a lot.
Welcome aboard, and keep us posted!