The first thing you want to do (and should have done, but hey) is find out how much this thing will cost you to insure. You can't really do that here, you need an agent / broker for that. People here can give you a wild guess, but you need an accurate and reliable number. Call a few agents and brokers, get some quotes (they'll ask lots of questions) and find out what it'll cost.
You can buy as many vehicles as you want without insurance, but you can't drive any of them without it. That's why you want to line up the insurance before you finalize the purchase. Without insurance coverage, your only legal option after you buy a vehicle is to have it towed home.
I'll level with you, it's not going to be cheap. Teenage guys pay more than anybody else for car insurance, and it's probably going to cost you well over a thousand a year just for the basic minimum coverage. The actual prices are based on about a hundred factors (you mentioned three), so get a few quotes and see what your options look like.
As for the inspection, the insurer will let you know what kind (if any) is required. Once you have the insurance policy in place, then you can worry about getting the car registered and plated.