I have a bad electrical outlet probably shorted by an electric heater. If I just replace the guts will that resolve the problem. I realize I have to be careful turning off the circuit breaker, testing and hooking wires correctly. I need advice.

Yes, turn off power, hook hot to dark screw, white to light colored screw.
If the heat burned or darkened on end of cord,problems may continue until you have a good plug AND receptacle connection. Loose connections generate heat.

If the wires inside the box are not damaged changing the receptacle should clear up your problem.

I'll try to say it in a different way, The PLUG may be damaged as well as the receptacle, if coroded or burnt, it will take out the good receptacle.

Changing the outlet should take care of the problem. You can get new outlets with the black & white wires indicated on the back so you know witch one goes where.

With the little info we have now it could easily be more than just a receptacle. You could also have a bad or tripped breaker. What happens when you try to reset the breaker?