water in engine, is it salvageable?

[ricodudink]

Had it rebuild, will build my engine up comming week.

• New pistons + Rings
• 0.020 Bore
• flattened everything
• New valves
• Polished valves
• Replace camshaft bearings
• New Timing gear
• Polished both shafts
• Balaneced the flywheel
• New oil pump
• New waterpump + thermostat
• All seals replaced
• All gaskets replaced
• New exhaust manifold + elbow
• carburetor rebuilt

Total price so far 3.8K USD
New rebuild engine price here 7.5K USD