Grew up with C5 posters on the wall, finally able to pick one up. I have always liked wrenching on cars so I wasn't too afraid of picking up another one with some issues... Got a 2001 base model 6MT with 46k. and a salvage title for $8k with a bit of a story:

The first owner (allegedly) put the car in a swamp and hydro-locked the engine. Second owner (guy who sold it to me) put a new ls1 in it since the oil pan was dented and it threw a rod from oil starvation, not from hydro-lock. If you ask me, first owner probably committed insurance fraud since a blown engine wouldn't be covered. I inspected it pretty thoroughly and there doesn't seem to be any water damage anywhere, frame is all straight, body lines all line up, drives straight... for the price I don't mind if there are things I will need to deal with but I haven't found anything yet.

So far I've had to install an LMC5 and do the brown wire mod, install a hazard switch bypass to allow the blinkers to work properly (hazards still function), clean some grounds, re-attach the driver's side door panel.. pretty minor stuff. Still needs sway bar bushings, tires (these are 11 years old and dry rotted), a shifter that doesn't rattle..... and a really good detail. Runs great, it's a lot of fun to drive.

Plans for winter:

headers, x-pipe, intake manifold, MGW shifter, anti-venom mod, AFR 205 heads, 224R 112LSA cam, ported TB, Vararam, new wheels and tires.

 

Welcome to the forum.
Sounds like you got a good deal. Keep us posted on your progress.