RTFM.
In general, the little 120V wire-feed welders can usually go to ~16 gauge (about 1/16 inch thick) with GMAW and maybe up to ~14 gauge.
With FCAW, they can go a bit thicker usually (because FCAW wires burn 'hotter'). That usually gets you up to ~1/4 inch thick with some 0.035 FCAW wire like Lincoln NR-211-MP.
NOTE Lincoln's NR-211-MP wire has a
MAX workpiece thickness rating of 5/16 inch for wire sizes of 0.045 and smaller
No Matter What machine you are using. That is a thickness limit from the wire itself, not the machine or process or anything.
FCAW has spatter and slag to deal with, GMAW is a 'cleaner' process (when the correct parameters are being used by a competent operator). But for the same machine power-output limits, FCAW can usually let you work on slightly thicker workpieces than GMAW can.
Within their limits, the 120V wire-feed machines are fine. But those limits are a bit lower than even the next step up in power, the 240V input power 180-class machines.
For working on sheetmetal up to about 14-16 gauge (~1/16 inch thick or less), they have enough power to use GMAW (usually).
For working on 1/8 inch steel up to 1/4 inch steel or so, you pretty much have to use FCAW wire (and deal with the slag and spatter).
A cracked steel bicycle frame? A lot depends on the thickness of the steel, if the steel is plain low-carbon steel (can usually be welded without any issues, if the thickness of the steel is within the ouput power limits of whatever machine you are using and the operator is
competent) or if the steel is an alloy-steel (can usually
NOT be easily welded without various pre-heat, interpass, and post-heat limits, as well as possible alloy-matching between the parent material and the filler/electrode wire).
btw, Chro-Moly
can be welded using plain mild steel electrodes. Sometimes. With the right parameters and dilution ratio and fillet size and ...
But something else to think of. If the OEM bike frame cracked, that means the design or material or workmanship of the OEM unit failed somewhere and thus the piece cracked.
Fixing a cracked or broken item properly depends on not only doing a good workmanship job, but also figuring out the 'why' of the failure so that your repair doesn't just fail in the same way.
Also, some steel bicycle frames are not welded, but are brazed (or lugged and brazed). No way can you just go and try to weld such an item back together if the previously brazed joint 'broke'.
And an aluminum bicycle frame? Forget about using a 120V wire-feed welder to do that. An aluminum bike frame is usually TIG welded (for the control that the TIG process enables).
Go to the Miller or Lincoln or ESAB websites and read up about welding.
http:/www.millerwelds.com
http://www.lincolnelectric.com
http://www.esabna.com
especially the info/education area
http://esabna.com/us/en/education/index.cfm
and
http://esabna.com/us/en/education/esab-university.cfm