I recently bought an Xbox 360. I would like to know if I bought the Morrowind GotY edition, would it work, or would I have to do something go get it to work, or wouldn't it work at all?

It works on X360, but as far as I know, you'll have to download some kind of an update from Xbox Live.

But, I and many more people, would recommend PC version. It allows you to mod it, so you can have bug fixes, better graphics, new lands and quests, pretty much anything. And nowadays any PC should be able to run it, even heavily modded.

Some people seem to feel that the game does not run very well on a 360: http://www.gamesas.com/topic/1403682-does-morrowind-work-fine-on-xbox-360/

It works ok in most places, the mages towers and the lair of the final boss lags so bad i had to use the cheat codes to keep from dying (i could have beat him fair if the game didn't become a slideshow i swear lol)