Depends on how variegated it is. I have used the yarn in question, but there are many versions of it. Is it self-striping/self-patterning? Try knitting up a swatch and see what it looks like. If you don't like it, you can rip it out and keep the yarn, or you could do as marni suggested. Yarn can be surprisingly forgiving.

The blended color scarves are either accomplished with a yarn with long color changes or a very creative use of other colors. (See example)

And you can totally learn how to knit socks. Wrestling with the needles is a bit challenging, especially at first, but it's not bad once you get the hang of it.