It depends on what is seized and how. If it is just dry seized from sitting then it should be easily salvageable. I've found the most common dry seize from sitting is due to the rings sticking to the cylinder walls. I had an old Yammy sled with a seized crank and resurrected it. I pulled the head off, poured 10W30 into the crank and beat the crap out of the piston using a wooden piece of 2x2 as my drift and a good heavy hammer.
Eventually we broke the lock up and used the piston as the leverage to cycle the engine until it rotated freely. That sled ran for several years after that with no parts replaced lol. We even used the original head gasket :biggthumpup: Def. not the right way to do it but it was an old sled and didn't show any suffering from it. To the best of my knowledge it still runs and that was 10 years ago.
It could even just be hydro-locked from oil or water sitting on the pistons. Have you taken out the spark plugs and tried rolling it over? If so, then at least pop the top off of it and get a better look, one way or another you will need to do that. Post some pics of what the cylinders look like and the color of the plugs, that will say lots about what to expect.
Oh yeah, if the base has been filled with water and that's what is seizing it, bearings all the way. Wristpin bearings, connecting rod bearings, crank bearings and seals. As long as the block isn't split from water freezing it, it should be ok, so should the cylinders and head...as long as no freezing has happened. If it were mine I would try to get it rockin with no money involved just for the heck of it :biggrin: Just depends on how much it's worth to you I guess. If you did bring it back the way of ol' Yammy, don't go too far from shore until you build some confidence lol.