I'm guessing they'll build some sort of cofferdam around the wreck - install some temporary patches and pump out the water, then let the water back in and re-float it.
The math on scrap vs. repair changed pretty dramatically when when she completely sank - basically each deck that is flooded significantly increases the repair costs. Previously I expected they'd repair, now I'm not so sure.
I'd be very surprised if they the wreck where it is - but as a minimum they'll have to go in and remove all the armaments and ammo (even as destroyed as the Arizona was at Pearl Harbor, they salvaged the surviving guns and ammo).