I would go the latter route if I weren't going to haul something all the time, esp if it's not overly heavy.

You'd be looking more for these components.

http://www.uhaul.com/MovingSupplies/Hitches.aspx

Wiring: doesn't sound like you have a tow package installed; easy enough to do; can pick up a package from NAPA. That said, is the TRAILER wired? If not, same source. Again, you want to make sure the plugs match between the truck and trailer.

DO check the ball size on the tongue of the trailer you're going to drag, so you get the right ball size for the truck. Also check the tongue rating; should be stamped on there.

Last, does that trailer have safety chains on it? Some states require them, and I prefer to have them.