[VallelyJ]

Probably depends entirely on what the odor is. I bought a rug once that had cat urine odor which is notoriously hard to get rid of. A product called "Anti Icky Poo" (I know, dumb name) got rid of it completely. Spray it on and leave it a few days or a week. It works by breaking up the organic molecules that produce the odor. Might work as well on any other odor with an organic source. Got it at a local vet's.
JV

 

[VallelyJ]

Why toss it till you try? The "chemicals" are basically waterproofing that you can buy in a spray can. (Practical Sailor reviewed them recently, by the way.) You can find out if they're still waterproof after the stink is gone by spraying them with a hose. Then treat them if need be with a spray can, and test them again.
I did that with a dirty used Mustang survival suit and it's worked fine.
JV