OH NO!
They can be salvaged, but you aren't going to want to cook on them if they are rusty. Use a Brillo pad or a wire brush and get all the rust off that bad boy. Then go through the seasoning process again. They should still be fine after that and last you a lifetime!
Its OK to wash them with water after that, just don't soak them. Make sure to dry them well after. Putting them in a warm oven works pretty well after a towel dry. Just don't let them air dry in a dish rack.
If they have really hard to get off food and such that wont come out easily, bake it off in a hot oven then use a metal spatula to scrape it out. (kind of like how your self cleaning oven cleans itself by cooking very hot)
Hope this helps! Cheers!
RE: Pro tip: Season cast iron pans on a day you can open the windows!