Classicwatch Vintage Watches

You'll forgive me if this is a stupid question but I am pretty much a novice to a lot of watches. I won this watch in an auction with a bunch of watches and parts. I really bought this lot for one of the other watches. I know nothing about Rolexes. The rust scares me. Would you all think in this condition it would be better to part it out for better watches or should I give it a go about repairing it? I know the back and crown can be had, though expensive, as, I guess, anything is that is Rolex.