Get a new whetstone from a cheap shop. I have one near me that charge a couple of quid and sometimes have aluminium oxide stones. When you have a new flat stone give it a 5 minute soak and have a play at getting this sharp the proper way. Or you could have a look at British Red's £5 sharpening thread. Either way it's a necessary skill to have if you like knives.
I wouldn't get rid of it or put it in a drawer, they're handy to have when sharpened properly. Don't go into town with it in your pocket but if you're out bushwhacking I don't see why a pocket knife wouldn't be justified. In North America these are the knives we had as kids and teens because they worked well but didn't cost a fortune. Or like Flexo said, it makes a great beater knife in the workshop. Shame to have it sat there not being used!
I wouldn't get rid of it or put it in a drawer, they're handy to have when sharpened properly. Don't go into town with it in your pocket but if you're out bushwhacking I don't see why a pocket knife wouldn't be justified. In North America these are the knives we had as kids and teens because they worked well but didn't cost a fortune. Or like Flexo said, it makes a great beater knife in the workshop. Shame to have it sat there not being used!