No, it's not normal for it to smell like cow manure. Being anaerobic, I wouldn't use it. Anaerobic bacteria can produce some nasty metabolites that are harmful to plants in stagnant wet compost. It won't be useful for N either.
Best thing to do with it is dump it in a pile with some fresh inputs, turn it once in awhile and let it become aerobic. Eventually it will smell like fresh fertile soil.
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