Yeah that could be a real easy save. Have you checked the oil? If no water you should be golden. I would first pull all the plugs and see if water comes out. If dry then you are even better. If the cyls filled with water and people kept trying to turn it over, you could have damaged internals but then you usually have water in your oil. If you do get it to turn over then I would next pull the manifolds and see what cyls were leaking. You can look inside to see if it is bad. You can remove the valve covers to see if you have any stuck valves. You do NOT want to run this engine until you see what is going on. A "quick" start might take out a piston or more. If the valves look to be doing OK while you/somebody SLOWLY turns over the engine then you can probably buy a new set of manifolds & risers(which you will need with a new engine anyway) and see how it goes. I have seen MANY engines saved, really depends on how much water and how long it sat.
Nick
1994 22' Classic-454 B1 Red & white
1981 13' Whaler sport(original owner)
South Tampa Bay, FL "May I mamoo dogface to the banana patch?"