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A 2003 S model is worth about $16K-$22K depending on condition/mileage so it seems that installing a replacement engine in the car ($6,500: $4,500 eBay replacement 3.2 S engine with 58K miles + $2,000 installation & parts) would be worth the investment rather than selling it as a rolling chassis (~$5K).
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1999 996 C2 - sold - bought back - sold for more
1997 Spec Boxster BSR #254
1979 911 SC
POC Licensed DE/TT Instructor
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