I give it an even 50-50 at best.
if you get a magnifying glass you can probably do a once over and see what is actually damaged.
Smoke while potentially harmful can be carefully cleaned up.
The difficulty you run into now is how do you test the components to see if they actually work without blowing out what you know is working -- and the short answer you don't ever know for sure.
I would first take all the cards out of the system and clean them up -- CAREFULLY -- I have use rubbing alcohol in the past with some pretty good success, but i know Radio shack has some electronics cleaning products. Check the bottom of the CPU for burn marks and the memory pins as well.
Pull all the cards out -- ALL OF THEM yes the video card too
Disconnect the drives too.
All you want is to test the core components and see if you have a working MB/CPU/Memory. The rest of the stuff you can add one at a time and test.
Boot the system -- listen for POST beeps -- If you don't get anything like the power supply kicking on or beeps or fans spinning your MB/CPU is probably gone. Memory in my experience is the one thing that is most likely to survive a melt down. This is good time to have a post card handy.
Then put the video card back in and see if that works.
then the floppy drive
HD
ETC....
THIS NOT WITHOUT DANGER -- any one of these could kill the system if they are damaged in the right way.
I can't stress enough that are no Guarantees with this.
If you have things like post cards/ slot testers / CPU socket Testers/ Volt Meters -- you can lessen the chance of having a bad day but you can never fully eliminate it.
Go slow -- write down your results at each phase -- I now that sounds silly but when ppl start asking you questions you will have the results in front of you. I can't tell how many times i ended up restesting somehting cause i was unsure of the results.
FINAL NOTE: This is very shortened version of how to do this -- I skipped over lots of areas that should be looked at. I could write a book on this stuff alone -- Well, actually I have, but you guys don't know that.
anyway good luck -- let us know how it goes.
T