My buddy has a Memphis custom and it's got a smaller proportion to say a Fender strat but it looks cool. I am interested it what it sounds like but it hasn't been played in years, the pickups are rusted over and the strings are un-tunable. How much would it cost to get some decent pick ups on it? I also wanna get it set up nice. I am really interested in getting it to sound wicked because it feels like a wicked guitar in my hands.
Completely depends on your style - check out some pickup websites (Seymour Duncan, DiMazio etc). They've got soundclips of all their pickups.

On my strat-type guitar I've got SD Alnico Pro IIs all the way.
And no, Guitar Hero will not help. Even on expert. Really.
I love it when you find a little treasure like that. First thing you want to do is see if any of the stock electronics are functional, and see if the rust on the pickups will actually affect its functionality, it's definitely cheaper to salvage pickups with cosmetic damage than to replace it altogether. Maybe you can just replace the cover. What do you mean by the strings are untunable? if you want to get new tuners, those will run you in 25 to 60 dollars. The hard part is finding tuners that fit.. getting a guitar professionally set up will cost anywhere between 100 to 200, depending on your tech and amount of wear and tear on the guitar..

worst case scenario i'd say it will cost 250 dollars to get the guitar playing again
Yea, i meant the strings are just rusted and ****ty not to mention the E,B,G strings aren't even on it.