I'm just getting back into running again after a year of not running at all. I'm not using the couch to 5k but am doing run/walk intervals. I have a watch that beeps the intervals for me (so I don't have to look at it) and will just keep upping the running section as I get better. You could do the same with the track - start off 1 lap running, 1 lap walking - then add extra running laps with time. Similar effect.
Most beginning run/walk programs are 20 mins (plus warmup and cool down) or 30 mins, so an hour will be plenty. Don't feel you need to use the whole hour if you get tired - or just walk from that point. Don't forget to stretch afterwards - the Runner's World site has stretches I think too. 4 days a week will be fine too - your body needs time to adjust to the exercise.
I just drink water. I think people only use energy drinks (or gels etc) for long runs where they get too fatigued without extra fuel. Since you're only planning on an hour, the water will be plenty.