A picture of the whole guitar would have been helpful, but I'm going to go out on a limb here and suggest that this is a "very" bad guitar and definitely not worth putting any work into. That is, unless you will be doing the work yourself and want to use this guitar to hone your guitar tech skills. In that case, have at it.
There are lots of inexpensive guitars on the market that come with a Floyd Rose or licensed bringe/whammy bar setup. Go to Steve's or L&M and have at a few of them.
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