Listen its possible...

As for fixing the boat.... If you LOVE the look of
the boat and want it, fix it. Its a great learning
experience.

If you are just looking forward to go out on the
water and fish, ski etc. You can get a better
boat with less work needed.

Sad to say, some boats are SO badly damaged
from the elements it doesnt become worth it because
just for the cost of the materials and time to fix it
you can get something MUCH better.