If the lenses are not scratched, then it may only be time and effort. I wouldn't completely write it off yet.
I have a Rolleicord V that definitely spent time under water, enough so that the aluminum body had some corrosion. The shutter is now fine, and other than some cleaning marks that were probably there before I got it, not too bad. The leather was completely trashed and the body had a lot of sand inside.
As I said above, looks like you'll be learning how to fix it. For the price you paid don't let it intimidate you! Even if the lenses aren't great, use this camera to learn for the next one that you find!