I found a deal on a 36" Mutoh falcon Outdoor and would like to know if this thing will do contour cuts so i can make decals, etc.???
No, that's a printer. It prints. For cutting you need a cutter.
If you meant to ask if this machine will print images that can be contour cut, the answer is yes.
Contour cutting is, for the most part, a function of whatever software you're using as well as having a printer and a cutter.
The printer needs no special ability other than printing. It's handy if the cutter has some sort of optical registration mark sensing mechanism but it's not show stopper if it does not.