As it's likely one of the original old MX200 Gen 1 devices, then, no, it cannot be upgraded to the newer CE software, you can only do that with the G2 version of the MX200 (and the upgrade is only "free" if you have an active service contract on the device, or have a critical security vulnerability that requires the upgrade.
The MX200 G1 is quite old (end of sale 29 October 2014), and was replaced by the MX200 G2 (which has now also gone end of sale as well on 2 May 2018) and been replaced with the newer Room 55. The G1 device is no longer being maintained, the TC software it runs is only getting some critical security vulnerability fixes and isn't being developed any more, and the G1 device goes completely end of support on 31 October 2019, so I don't know that I would be spending too much time and effort trying to get such an old device working, as you're likely going to need to replace it in the near future anyway.
But, saying that, yes, it is similar to an IP Phone, but can do Video as well. You can set it up similar to any other IP telephony device, as long as your IP telephony provider or infrastructure supports it. It cannot be used with a standard PSTN land line.
You could possibly register the device with another third party that supports the MX200 as a device, but you will still need to make sure that all the relevant firewall ports are open between you and your video provider. You will need to check with whatever provider you chose on what will be required for their service.
Wayne
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