If the car is cosmetically nice, has no rust, and is like $500, I'd pick it up and work on the engine. But I can do a huge DIY project like that myself. I'd probably replace the engine though, but it'd be fun to take the old one apart and see how it detonated

You're looking at at least new bearings and rings if it ran out of oil and froze. Probably new cams, cam towers, rocker arms as well. Depending what happened when it froze (freeze, or actual "Blow up"), you may need new rods, crank, pistons, and a rebore. I'd be surprised if it didn't NEED a rebore as is, but you could quite possibly get it to run without one - just not too well.