If it's a "clear blue" model, then it won't be an iMac G4, but a G3.
The G3 iMacs were all CRT based with various coloured shells, while the G4 iMac was a flat panel LCD screen connected to a dome-shaped base with a little chrome arm. The G5 then introduced the all-built-into-the-flat-screen design.
That said, the short answer is YES. You will be able to run MacOSX on any iMac, though on G3s slower than about 400mhz you'll find it pretty slow. You can easily find out the details of the machine by clicking the Apple menu and choosing "About this computer". It'll tell you the processor, RAM, and so on.