I would definitely be careful breathing around the fabric and handling it if it is moldy. A surgical mask and gloves might be beneficial to you. That being said, I would try to salvage what I could. Oxi-clean is a great remover of odors and discoloration. I would give it a try with detergent in very hot water and dry the fabrics in the sun, if possible. Also, the use of color catchers in the washer might be helpful in case some of the fabrics' colors run. Good luck, whatever you deccide to do.