i'm guessing yes, but I dont have any experience with one this un-true. just want to confirm i wont be wasting my time before i get out my spoke wrench. thanks

You need to do more than get your spoke wrench out to have a chance there buddy. Take all the spokes out and try to straighten the rim as much as possible, re-lace and try to true the wheel or buy a new rim and move everything over.

Tie the spokes together at the crossings. It makes respoking easier. Don't ask why I know this.
You will need to straighten the rim as best as you can. I use blocks and stand on it to bend it back. Go slowly.

i think i might have another rim i could lace to the hub. but this wheel is pretty cheapy so not sure if it's worth the bother. the hubs are "formula", i believe off an old raleigh m50

If you change rims, keep in mind that unless it's the exact same rim, you will probably need new spokes because of different spoke lengths.

I think there is a good chance that wheel will pop right back into line.

Try propping the bent portion against something stable like a tree or a telephone pole and pressing down on the two sides. If that works, true it as best you can and give every spoke a half turn or so of additional tension.

If that doesn't work and the rim is actually bent, I wouldn't waste my time.

I'd guess that part of this is how the wheel got into this condition.

The picture may be fooling me but it seems like there is a big ding on the bead hook on the upper right side of the rim in the picture.

If it were mine and I were able to straighten out the ding, if there is one, I'd likely just loosen up the spokes without taking them out and then try to straighten the rim a bit then re-tension the wheel. It should/would true up well enough for casual riding for someone that is on a budget.

i appreciate you looking that carefully. luckily that is just the rim tape, bead hook seems fine on closer inspection

If you are desparate and this is the only wheel you have access to, then it is likel that you can make this wheel rideable again, but it will likely never be perfect.

Bend it back into shape and start searching for a new wheel. An LBS can get you a wheel with a single wall alloy rim for $50 - $70 or so (depending on the type of hub), or you can troll garage sales and look for a doner bike with similar wheels.

This - you might even find that the rim isn't actually bent, believe it or not.