This is what I have done so far to this image, you can go and heal, clone, patch etc.,
Open image, duplicate image.
Levels adjustment layer, go to individual channels and pull the right and left sliders into the majority of information.
Merge down, duplicate layer.
Snapshot.
Use the shadow/highlight filter - about 10 for both +5 for midtones. Set blend mode to screen and take the opacity down to 50%.
Use hue/sat adjustment layer, go to red channel and and set the saturation slider to -30. Set the blue slider to -50. Click save.
Take snapshot.
Merge layers, duplicate layer.
I used neat image set to smooth the image and set the layer opacity to 50%.
If the guy on the left hand side isn't all that important to the image, I would straighten the image a little bit and crop him out. I've left him as is.
Take snapshot.
Merge layers, duplicate layer.
At this point you can go crazy with your patch tool, healing and clone brush tools.
Obviously needs a lot more work done to it, but this is to show that it is possible to rescue them to preserve the memories.