Sounds like the engine spun a rod bearing.  Car was part way into being made into a track car.  Lots of work went into that: Partial strip, hard top, paint, brey krause roll bar, new coolant tank, deep sump, wheel spacers, lug adapters, three sets of wheels, Momo Mod 7 wheel.  Just buy an engine or fix one in car and enjoy.  Car does drive. 
$4k