Again to clarify this basement was water damaged from frozen pipes bursting NOT water seepage.After considering the costs and all the posts above I thought of this - Scrap and paint the blockPaint the drop ceiling framing and put in new tilesSurface mount the existing electrical outletsPut in cheap carpetPut in cheap baseboard trimDONE.

Thank you @Aimee Soward-Mounts!

We viewed the house and found that it was stripped of everything in the house and needs a complete gut and rehab.Mind you even the roof mounted air conditioning was ripped out so it need probably about 40-45k in work.

Basically a fan motor froze up but the heat exchanger is also bad.

What you're asking is if it's possible to climb mount Everest.

If you do that, and have electrical outlets, you can purchase electrical box extenders so the outlets mount properly after the new drywall is applied.

We ultimately purchased 3 standard precut slabs from Floor and Décor for $480 and had a local fabricator cut and install them with an under mount sink for another $975 in mostly labor costs and it turned out great. 

It was apparently the capacitor and AC motor fan. 

You fire them up and the freon freezes everything, or a small leak explodes, or the motor seized during nonuse.

You will find that repairs include basic motors, capacitors, solenoids, service calls (and potentially service contracts) etc which would account for your repairs / maintenance cost and then sometimes, they go completely out and you end up replacing compressors or worse, evaporator coil (which carries a cost of 1000-2000+ because of the labor involved) or the entire system.