Your space is fine, but you will need ventilation (some kind of exhaust and a fresh air intake), and good lighting (Fluorescents/CFLs or HID). The light you have won't work, but you can get a 150W CFL from Wal Mart to at least start seedlings. Eventually you will either want to get more CFLs or a single high powered HID bulb or you will have small, weak plants that grow small stringy buds. You probably should have waited to germinate the seeds until you got some good base knowledge about growing indoors, but since I assume they are bag seeds, it doesn't really matter.

Growing good cannabis isn't something that happens by chance. You have to create the ideal conditions for plants to grow indoors, which takes some work. I would suggest checking out the FAQs and taking a gander at a few grow guides before you get started.