OKAY, so it did it, the foundation crumbled as I had predicted on the foundations board, and I had not one, not two, but three instances of water about 3 feet high in the basement, along with the wall coming down. I have Flood insurance, thank god...but my question is - what really needs to be replaced? My dryer buzzes when I plug it in - I think the washer is fine, the furnace works, but I did smell oil in the basement (home oil heat!) for a while. What can I get fixed and what do I HAVE to replace? Like can the dryer be fixed? HELP!

The only parts to really worry about on the oil burner is the transformer and the burner motor. Usually the motor goes if it gets flooded but if everything is working fine right now then you will probably be OK. If you continue to get oil smell then have a tech come in and change the nozzle and check the transformer. Depending on what you have controling the furnace, some electrical parts might go bad also. Its one of those wait and see what happens deals. Just try to let everything dry out before starting it next time. You will get steam for a few minutes after turning it back on because the fire chamber will be wet from the water. I don't know about the other things so lets hope someone with more knowledge will show up.

First off, if the burner and boiler was under water, the entire unit must be rebuilt. Water in the combustion chamber will distroy it. the exterior jacket has insulation under it as well which will develop mold and no longer work properly. Any electical controls that were under water, even if they are working now, will begin to fail in the near future. Get the appliances replaced.
If you had an oil slick over the water when it flooded or a foul oil odor you have quite possibly an enviromental issue. The water has caused the oil to spread all over the basement, it has seeped into the drainage system and very possibly into the exterior ground surrounding the house. Your insurance company should have provided coverage for this type of disaster. I strongly suggest that you obtain the services of a oil tank testing company and request them to check the soil below the floor along the edge of the basement and surrounding the house. An oil spill such as this will require the entire basement to be dug out from under the house. If some day you wish to sell the house the future buyers will pay for this test. If at that time they find any hydocarbons in the soil and trace it back to the basement, you have a house that you will never be able to sell. In fact it could be condemed by the local health dept.
If the insurance company is blowing this off, I suggest you obtain the services of a outside independent public adjuster. They can go to batt for you as the insurance company will attempt to push this under the rug. If you have a well where your located, get the water checked for any hydrocarbons as well.
Good luck.

Are you a oil burner technician Home Care Club?

If you get lucky, the only thing you will have to replace is the burner motor. Water won't "destroy" the combustion chamber. Sometimes the walls might fall in but I've never seen it. It will dry out after using it. The insulation on the side won't mold unless you let it sit wet for a while. When the furnace fires up, it will dry out the insulation. As for the electrical parts, if they are working now(within a few weeks after turning everthing back on), chances are they will still work later.

Its best not to have the furnace under water but it isn't the end of the world for the burner and its friends. If you do have a furnace under water, make sure it trys out before you try to turn it back on.

Anything is possible, but don't just change everything(unless the insurance company is paying for it of course ).