My air conditioner makes a gurgling sound while running and water sprays out from the vents. Is it salvageable?

Is this a window or house unit? If it is a window unit, the drain in the bottom plate is plugged and water is getting caught in the blower. Go outside and look for a small drain hole, maybe 1/4" in diameter. Water should be dripping from there as the unit is running. If not, CAREFULLY probe with a wooden skewer to clear the hole and make sure the water runs out. If this is a whole house unit, your issues are greater. The condensate tray is most likely blocked also but it is inside the furnace casing and will require opening up the unit to see what's happening.

It is a window unit. Water is coming out of the drain hole, yet my air conditioner makes a gurgling sound while running and water sprays out from the vents.

Leelee, the gurgle is not uncommon but the water spray is. Your unit could be installed tilted toward the inside of the house. Make sure the AC unit is tilted down toward the outside of the house, a couple of degrees is all that is needed. That way, the water will always run toward the outside and away from the fan assembly. Make sure the drain hole is thoroughly clean and open. Hope this helps