"The road to hell is paved with works in progress" - Philip Roth (author of the novel American Pastoral)
The next morning, you wake up to the realisation that the notes weren't that bad and that maybe there is still something there for you to work with. After a moment's panic you also remember that you have a computer and that it still has the script on it! Great!
Now it's time to take a step back and consider what drew you to this particular story in the first place. What moods and feelings will carry us through a scene. How the characters will grow and change in more meaningful ways with each draft.
And you think, "God dammit. I wish I hadn't finished all the lighter fluid."