If you want to rebuild it because you need something to fly, I would just trash it and buy another. HOWEVER, if you want to rebuild it to see if you can, then by all means, rebuild it. Best case scenario, you are able to rebuild it and you have a spare plane you can use to teach your friends to fly or whatever. Worst case scenario, you cant but at least you tried. Either way, you will learn quite a lot about how these things go together, get some practice at applying covering, shaping balsa, you name it.
You would be surprised at what is rebuildable.
This plane flew again:
This one still is: