Okay so a year ago i was given this orange burst les paul kinda guitar, and the person said to keep it because they were not really ever gonna play it and i was taking lessons recently then (im getting quite good) and that the guitar would get better use out of me then him, and at the time i was playing this cheap 180 dollar crappy walmart guitar to start off with so i was willing to take anything and well i didnt figure the guitar was really any better than my own crappy one and so i took it under the notion that kool now i have a slightly better guitar, and well at the time i figured the only good guitars out there were gibson fender and ibanez. And Just now maybe like ten minutes ago i was looking for wut kinda guitar it was and it had this logo on the thingie with the knobs, (lol i kno im a newb) and it said ernie ball, and so i decided to research. Turns out john petrucci plays ernieball guitars, and that they are quite expensive compared to my crappy walmart guitar.

Im thinking i should either sell it, and get the xplorer ive been wanting, or, just keep and build upon my collection. Its a discontinued color, but its got a few dents, i think its pretty old lol, but i still might be able to get a pretty penny out of it.

Hell, don't sell that!! Those are really nice playing and sounding guitars. Top drawer stuff.
Parker Fly Deluxe
Various Strats
Koch Studiotone XL
Koch Startrooper
Quilter OD200, 101 Reverb
1958 National lap steel
Eastman El Rey 1
That's some awesome ****.
I mean, uh, it's crap. I'll take it off your hands.

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Dont Sell that, and since you got it as a gift, you should save up your money and buy the explorer, and that way you'll have two guitars
My Gear

Epiphone Les Paul Standard
Epiphone Elitist Paul Mccartney Texan
Orange Tiny Terror
Vox Valvetronix AD 30
Vox V847 Wah
Metal Muff EQ (broken )
Boss RC-2 Loop pedal

Me playing
Your guitar does not say Ernie Ball. Your guitar says 'OLP' and 'Ernie Ball Headstock design', or something along those lines.

Sorry to burst your bubble.

(Why? The OLP logo can clearly be seen on your picture, and is very different from the classic Ernie Ball logo.)
I once had the John Petrucci signature model...I sold it for $350.

Ya, it was the OLP version...you would get some very pissed off buyers if you sold them that guitar claiming it was an Ernie Ball...OLP is to Ernie Ball, as Squire is to Fender. They make very similar looking guitars, geared towards more beginner/intermediate players.
Okay well its not really my type of guitar, and im alot more comfortable with explorers and flying v's so i think im just gonna sell it for like 300 and go buy this cheap esp i saw.