Just bought a bunch of parts... is this car screwed?

[just1witness]

I planned on replacing my downstream O2 sensor, starter, shocks, rear wheel bearings and possibly the clock spring mechanism in the next few weeks before an out of state trip. I bought all but the clock spring.

While waiting for the parts I decided to try to tackle the terribly rusted rocker panel. I found this underneath, is this car toast? That's the frame right?

I should mention, I'm not a welder and I don't know one haha