Since the project "needs saving", the first thing that I would do is begin by trying to figure out what is wrong and what went wrong. There could be many different types of issues which might require different approaches.
Some of the common problems found in projects that "need saving" are: discrepancy between business need and documented requirements, discrepancy between documented requirements and the implemented solution, large number of defects (bugs) in the system, wrong/inappropriate technology decisions, etc.
Do you have any more info on what went wrong?
- Adrian