For a handmedown system, thats actually pretty awesome, although I'd say its still a ways from 'hi-fi' by modern standards...particularly since making the floor vibrate is actualyl a BAD thing in terms of accurate sound reproduction...
I suggest you read this, it'll give you a thorough grounding in the basic concepts of hi-fi reproduction.
http://www.musicbanter.com/members-j...tml#post516785
(Note - bass and treble knobs are actually detrimental to full reproduction of sound. They add another degrading link in the signal chain. Many higher end amplifiers come with a true bypass button that disables them for this reason.)