How to Make Homemade Wine

My Wife found a crude recipe on a cooking site for wine, we thought it looked pretty simple and there were lots of reviews saying it was "awesome",so we followed the recipe below to the letter but doubled everything, but now after investigating a little further(almost 1 week later), im wondering if its going to even be worth drinking or is there anything else i need to do ...we used 2 cans frozen concentrate welchs white grape juice(one can was white grape and peach),we rehydrated the yeast with a cup of sugar water at 105 deg. for about 15 min, for the ballon idea we used a very heavy rubber ballon stretched over the top of a 3 1/2gallon clear plastic water bottle and poked a small hole in ballon and fit a clear vinyl tube in then run to a jar of slightly chlorinated water. the temp. in the house has been at most 83.deg/F and as low as 68.deg/F, also we dissolved the(gulp) 8 cups of sugar in hot water and cooled it down to 100.deg/f before combining everything...we didnt check anything with a hydrometer or check for acidity levels
(of course by now i have read a little more about it)....so what do i got? can it be saved?

Ingredients
1 (.25 ounce) package active dry yeast
4 cups sugar
1 (12 fluid ounce) can frozen juice concentrate - any flavor except citrus, thawed
3 1/2 quarts cold water, or as needed

Directions
1. Combine the yeast, sugar and juice concentrate in a gallon jug. Fill the jug the rest of the way with cold water. Rinse out a large balloon, and fit it over the opening of the jug. Secure the balloon with a rubber band.
2. Place jug in a cool dark place. Within a day you will notice the balloon starting to expand. As the sugar turns to alcohol the gasses released will fill up the balloon. When the balloon is deflated back to size the wine is ready to drink. It takes about 6 weeks total.

FOOTNOTE:
Use a frozen juice concentrate without added sweeteners for best results.

Have reciently aquired some equipment.
The hydrometer reading after being in the container for 10 days is 1.162 at 72 degrees.
Replaced the blow off tube with a bung and a bubble type air lock.
noted yeast smell