Something that's salvageable can be saved or fixed. You'll be dismayed if you drop your cell phone and the screen cracks, but you'll feel better when you realize it's salvageable.
To salvage something is to save, preserve, or rescue it, and if you can successfully do this, you can say it's salvageable. A terrible accident might total your car, making it impossible to fix, but after a small fender bender your car will probably be salvageable. If you gossip about your best friend and he hears about it, you'll hope your friendship is salvageable. The root of salvageable is the Old French salver, "to save."