Can this be repaired?

IMHO stick a fork in her, she's done. The prep work that has to be performed, as outlined above, is going to be lengthy especially to insure that all the oil in the cracks and for a distance of 6 inches all around is completely removed. Then there's the preheat and controlled cool down that if not done correctly will result in the inevitable recrack or "ping". I'd cut my losses and go get another block from the pick and pull. Someones allready attempted to weld up something, probably cracks, at both fitting bosses and besides you should be able to pick up an old 360 block for 200 bucks.

Terry