I suspect the wood is done for but the metal may be salvagable. If it was me, I would soak it in a fresh water solution that contains a water soluble corrosion inhibitor. These synthetic and/or oil based inhibitors are used to prevent flash corrosion of metal parts after and during machining and during the storage of metal parts after machining. There are many companies that produce these products. Call any good sized machine shop and they can direct you to companies such as Castrol, Mobil, Blaser Swisslube etc. Use of this type of product may give you a little more time to decide what to do next.
After a number of spills in the Mississippi River and Horicon marsh I've learned that a floating gun can is an inexpensive method of preventing the loss of a gun.
