Never seen one quite this bad.
http://www.ebay.com/itm/Mercury-Cougar-LS-1984-Mercury-Cougar-LS-Sedan-2-Door-5-0L-/261587287147?forcerrptr=true&hash=item3ce7d13c6b&item=261587287147&pt=US_Cars_Trucks
Yeah, saw that yesterday, poor Cat :-(
I bet the underside of that has more holes than a mini-golf course. It IS repairable however. I brought a 1967 camaro back that looked worse than that one, but I swore I'd never do it again.
If a guy were looking to smooth out the engine compartment anyway, get some scottrod panels, hood, fenders, quarters, then go to work repairing/strengthening underneath, you'd make quick progress, it just depends on how much of the floorpan is left.
True, but when you got done you had something with value.
Salt sucks.