Hey, go for it. Get a copy of "This Old Boat" by Don Casey, and go to town on it. A couple hundred bucks? Most likely, the reason it's still sitting there is it wasn't insured, because it's the insured boats that got pulled, refloated (if necessary), and removed from the area. I remember just about a month ago the call went out to reclaim all boats in one area over there that had not been open before, so that's another reason. They simply haven't gotten to it before now. That's not to say it doesn't need work, maybe a lot of work, but it's a heckuva lot better to find out after sinking a couple hundred than 10-20 thousand bucks and have the same results.
Before trying to sail, I'd get at least some basic instruction. The lake is pretty peaceful til a squall slips in. It's not like in a powerboat where you can nail the throttles, plane the hull, and haul it at 40+mph, so you better know your way around that thing before just heading out.