Basically, you just wasted your money.
Not true. There are some great cheap microphones- don't get me wrong, but the Snowball is a fair quality mic and is entirely worth the (now very reasonable) price you pay for it. Noise can be removed in Audacity, but only to a degree, and Audacity can't edit something recorded with a low-end mic into having the dynamics of a high end mic (or else they wouldn't sell expensive microphones). Contrary to popular belief, with mics you generally do get what you pay for, although most casual actors/listeners won't consider it worth the investment.
I do agree that using Audacity is a good idea, though. In whatever program you record with, make sure you are recording with the Snowball rather than something like a webcam mic on accident. Just lightly tapping the casing and seeing if you can hear the noise should be enough to verify if the computer is recording the right one.