A lot of great replies, thanks a lot. Some of the replies made me laugh my ass off, like "don't let that thing kick your azz".
The crank won't turn and I can't get to all of the rod bolts so right now I'm trying to remove the pistons and rods that I can get to. Maybe after that I will be able to turn the crank.
Basically I wanted to beat the livin sh!t out of it, but I wasn't sure if it would damage the block. I could use the stress relief of beating the sh!t out of it.
The block is going to be bored out either way. The rust isn't so bad that the block isn't savable but it's more than a honing will fix also.
Here's a picture of me and the block as it sits.



punch



punch
Now I'm going to relieve some stress. :|err