Cracked Block In '96 Lt-1

[MTNVIEWTV]

I just put my '96 prostar 205 in the lake, fired her up to find a cracked port-side block. After investigating, I find that the port-side petcock drains until it reaches full open, then stops draining. If it is given an 1/8 turn closed it will resume draining. This caused water to remain in the block over a very cold winter reslulting in a 4" split in the block exterior. This is my first sicking experience with a cracked motor. What am I looking at? Any suggestions? Thanks, KB