The oil you have is generally used as a lubricating crankcase oil in four strokes, yes. If it's 5W-30 (or 5W-20 even), it's going to be very
thin for this purpose.
You want proper two cycle oil, like this:
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You should be able to find this at any hardware store, and most big box stores. Make sure you get non
-marine oil. It's probably going to come in a small bottle like the one pictured there, sometimes in a quart, often in a bottle that has a little measuring bulb at the top (I like these bottles a lot).
Drain out the fuel you've already got in the tank, and pour it in a car. (It won't hurt anything.) Make sure you also drain the carb bowl. Mix your two stroke oil with gasoline such that your mix is 24 parts gasoline to one part oil. Easy way to do this: if you get a 4oz container of oil, mix it with 0.75 gallons gasoline. Shake well, refuel, cross your fingers.