I have the same thing without the stand. I intially bought it to fix up an old 5x7 but I'm thinking it could be used to build an enlarger. The top takes a standard 5x7 film holder. The bottom takes a lensboard.
You could probably get by with a sheet of diffusion glass and a strong lamp on top. Something like a 100-200 watt lamp in a reflective box might work. A circular reflector would be better, perhaps two large metal mixing bowls with a cut out for the glass and socket on top for the bulb.
Keep an eye out on eBay for a head that's made for a 5x7 enlarger...that's how I made my 4x5. I got an Aristo cold light head for significantly less than $100.
I've actually been watching for something local for quite awhile. I missed out on an 8x10 when the seller canceled the auction early. I guess he got a good offer off ebay. That's been about it. I'm not really thrilled with the idea of shipping something heavy across the border. The shipping bill is bad enough but the options that don't screw you on the add on charges are even less.
Nick- I waited years and years to find a 5x7 enlarger because they were always so expensive. I finally found an old B+J 5x7. It comes apart in three pieces;has a glass film hoider and plenty of bellows. I made an adapter so it now has a Zone-VI VC head on the top but Aristo has a V54 that will fit this light. I have never seen another like it but I'm sure they are out there.
Regards Peter