Unless the frame is exceptional or really really wanted, it would be considered toast, in my book. Yes, it can be repaired, but at considerably cost, particularly if you want to re-chrome anything.

As for riding the bike - not a snow ball's chance in, well you know where. The bike is unsafe, in my opinion. Sorry to bear this news. I have been there, more than once and it is disappointing, to say the least. If the sale was through Ebay, you will be able to recoup your cash. If not Ebay, I don't know what to suggest.