That is a pretty wicked bend. You might be able to pull it into shape to make it ridable, but you'll induce a wicked hop, and have spoke tensions all over the board. Unless, it has a broken spoke or stripped nipple. I still think it is bent, but if it lost a spoke, it might be salvageable.
My Recommendations:
- Check your local bike co-op or bike recycler for a good used wheel.
- Hunt down a replacement rim and rebuild your wheel... for fun? If you can match the "ERD" of the old rim, you might be able to re-use the spokes. But, you're probably better off buying a new rim and all new spokes.
Before disassembling your old wheel, REMOVE THE OLD FREEWHEEL.