I borrowed a mates accoustic guitar for a few days and had hella lotta fun wif it, learning to play the eze bits of nothing else matters.

Had so much fun i ran out to a music shop and bought their cheapest guitar
Anyway I just wanted something that I could learn to play on, not worried about quality sound.. coz at the moment every guitar sounds the same to me.

The guitar I bought according to the receipt is a

musix 41 inch dreadnought acoustic guita - i bought it for 99bux

it looked alrite and sounded alrite and the strings were not as hard to press, which i liked.
When i got home and sat down with it for a while i noticed that the fretboards were not as wide as my mates one. The 1st and 6th string is quite close to the edge... im not sure if this is bad...just feels a lil different to me. I don't have very big hands so this guitar seems a lil easier for me to spread. But having a smaller fret board might mean that I would have to be more accurate? Please advise me here.

The other lil thing i noticed was that the bridge probably is a bit high. Compared to my mates guitar all the strings are pretty much parrallel to the fret board. Whereas my guitar it is reasonably close at the top of the neck, but down at the bottom there is a bit more distance. (I would say the strings feel prety high near the bottom) Is this a problem? I thought maybe if i tried to strum holding the frets around an unfret string this greater height might make it more difficult as the unfret string is more likely to touch my finger.

Im not sure if having to adjust to greater height when playing notes near the bottom would affect the playability of this guitar.
I've heard of "lowering the bridge"...

Please advise me on whether i should return this guitar, or keep it, or modify the bridge.

well if what you said about not caring about the quality of the tone or craftsmanship is true, then don't return the guitar. it's normal for your strings to be further away from the fretboard on the higher frets than the lower frets. i'm not saying it's a good thing or that it doesn't affect playability, because it isn't a good thing and it does affect playability, but it is normal. to get the guitar set up properly is going to cost you around 40-60 dollars depending on your local stringed insturment repair guy. personally, i would just learn to play with what you've got and then buy a nicer guitar a little bit down the road. i wouldn't spend half of a guitar's original worth on a setup. you could try and do it yourself, but being that you are extremely new to acoustic guitars, i probably wouldn't mess with it.

having a smaller fret board doesn't really have enough of an effect on your required accuracy to worry about, asssuming that it isn't REALLY REALLY small, like a mandolin.