Buying a Blown Engine

Me and my cousin are looking to start another project car. But around my area, the choises for dms are very slim, but i did find a 97 gsx with 6 bolt conversion. only problem is the engine is blown! i've never had a blown engine...and how would i go about fixing it or replacing it [cost and where i could get it done and stuff like that]. Would i have to get a new engine? Any info would be very useful.

PS: About how much should i pay for this thing?

PSS: This is what he wrote to me:

"I have a 97 GSX 2g, 6bolt conversion,87k miles, slight mods, nothing
dramatic. The car is silver. I had it posted for 13,500 and decided to
keep it. I pumped lots of money on breaks, tranny, clutch, and body.
In the end, I blew the motor.If you can do it this week, I'll let it go
cheap. I'll email you pics when you call me or email your number. I'm
looking to get out of it asap! Ready to negotiate. I made a deal on a
new car and want to drop a larger down pmt. I own the car and have the title" - Edward

Im not sure how "blown" the engine is, ill post it as soon as i get an answer.