Are we to assume the engine was underwater? Then pull the spark plugs, squirt lots of oil in the holes and try to turn the engine over by hand. Very important to get the cylinder walls oiled. Pull the carb for a rebuild. Then drain the oil, change the filter, refill, and drain again. Add a new filter, new plugs, new plug wires, new condensor and points, and rebuilt carb. Any chance that water got into the fuel tank, fuel pump or line? If so then those have to be cleaned out also. I know that you are a lowly student(wish I was!) but you can save the engine for a lot less than the cost of a new one.