https://www.youtube.com/watch?v=nXAQngTXg0U
That's rough, man. I'm really sorry to hear that. It hits home for me. I ran into some basement issues, and long story short, I've haven't been able to utilize my basement (game room / jam area / workshop) for about 3 or 4 years now. Hopefully you get back up and running faster than it's taking me (I had some compounding issues).
Do you have any friends that can help re-rock? I would do it for pizza and beer (and jamming out a little too). In fact, that would be a serious offer if we lived closer.
Do you run a dehumidifier in the basement at all? If not, I highly recommend getting one now! It will, of course, help remove any moisture that's down there. It can draw out any moisture that's currently still in the carpet or drywall. As well as be a preventative measure until you get the problem fixed. It'll also help with that awful smell. I recommend getting a hygrometer off Amazon, you can get one cheap for $10 or so. I try to target my basement for under 50% (which is a challenge on Long Island).
Good luck with everything, man! I hope it all works out without too much of a headache!
