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I have a freind that bought a flood car one time jsut to have a cheap car to daily drive. THey basically changed every fluid and stripped the car down to bare metal amost. After about 2 years of driving he was still having mud come out of the a/c vents and the wiring was shot. He did some work onthe wiring harnesses but never got everything right. As far as the engine hydrolocked, as long as noone tries to start the car you should be ok jsut drain all the fluids ad refill then pull the plugs and crank it over with no plugs to force the water out of the cylinders. IF it has been sitting for a while you may want to dump a little oil in the cylinders jsut to get some to the rings and such.
Unfortunately there is no way to tell exactly what you will need to do to the car. You may put some work into it and not spend much money then 6 months or a year downthe road the whole thing may rust out from underneath you. Like someone else said if it has been sitting in salt water I would stay away from it completely.
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Chris
PLEASE DO NOT GET RID OF THE OLD TN AS WE KNOW IT.
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