Neat, I had the exact same bike (same year, etc.) but in red. I like the yellow a lot, though! 3 miles on a 2000, wow.
Sold it a few months ago with 3000 miles on it. It was a great bike - 100% reliable, always fired right up, no leaks, etc.
Definately needs to have some pipes, an open airbox, and a computer controller (like a Power Commander) to get the fuel injection dialed into the increased flow.
The sound with an open intake and pipes is a huge part of the experience!
I also got rid of the rear fender, and chopped the tail on mine. Chopped tail is kind of a love it/hate it thing amongst Monster owners. I fell firmly into the "love it" category!
Have fun, they are really great bikes.