Can a car engine be repaired if it runs out of oil and locks up?

2004 Dodge Stratus / 50,000 miles.


Engine made a really loud banging sound and then locked up.


I put oil in it and it ran for a few minutes and then shutdown again , all the while making a banging sound.


Made a big mistake here.


Time for a new car or can this be fixed?Can a car engine be repaired if it runs out of oil and locks up?
probably need a long block. valves may have bent and crank/bearing/pistons may have gone.