What will they do with the airplane?

The FAA will take possession and try to reconstruct exactly what happened to it.

Planes are expensive, so I expect that the airline will do anything it can to use the plane again, or at least some of its parts. They would probably have to dissasemble it and take it to the airline's nearest hangar to be repaired. If the plane is a write-off, they probably would still try to use it for parts.

I think the plane is probably junk at this point. The longer it sits in the water the more damage that is probably done. They may use it for "Parts" but I think they would have to be very careful with what the use over.

You're not "messed up", this is a good question. Everyone on the plane was fine and you know this. They will keep it afloat for an unknown amount of time for official investigators to examine the jet engine of the aircraft.

My Dad's a pilot and he said that they will re-use the parts that can be and I'm assuming that the rest would be recycled.

EDIT: Oh yeah, forgot to include that Buckeyes. Yes, he's right, they will have to examine the plane before they destroy it.

they will attempt to fix whatever parts they can and reuse the parts they can reuse and recycle the rest

youre messed up you should care bout the people not the plane.