I will try to fix almost anything before buying new. Boats included.
"It has a ton of cracks"- So are you thinking you need to recover/refinish the entire surface?
If it soaked up that much water- it doesn't sound good. Really, the only thing I could imagine would be glassing over everything, probably with fabric and resin. That would be a great amount of work, and would likely add a ton of weight. Your time has value too- and what would the boat be worth in the long-run when you finish?
Realistically- you may need to start with a different boat. In my experience, structural parts like seats, ribs, floors, stringers,even transoms are usually replaceable- but when you get into trying to fix widespread hull damage- things can get pretty dicey. Obvious "holes" would probably be easier to fix than the all-over cracking you described.
Good luck with whatever you decide.