Your plant is a Dracaena, probably Dracaena deremensis 'Janet Craig'.* It's a low to medium light plant that requires little watering.* You can trim the canes at different heights and root the cuttings in water.
Do a google and click on 'Images' for different pics of what you can get by cutting the canes the way I suggested.
When weeding, the best way to make sure you are removing a weed and not a valuable plant is to pull on it. If it comes out of the ground easily, it is a valuable plant.