Generic Cold Air intake...

I got some generic cold air intake kit from ebay, and it came with an equally generic cone filter. There was no information on the cone filter about what to do with it (whether it needs to be oiled, how it can be cleaned, etc.) Does anyone have experience with something similar? Should I just drop another $50 and get a K&N filter for this?

It should be oiled right out of the box.

If in doubt, get the $10 K&N recharge kit and clean it completely and reoil it again.

Just remember to to not oil it too much.