I wouldn't get too hung up on if your ankle's "saveable" or reading too far in to different possible conditions which can make you catastrophise and which will no doubt enhance your pain levels (due to the powerful psychological and complex nature of pain). First off, although everyone wants a definitive diagnosis and a clear cut label, sometimes that's not just do-able. Based on what you've said here, I'll assume you were a patient I'd seen and explain what I'd do - I'd probably call your "condition" chronic ankle pain ?obviously due to old injury which possibly hasn't fully healed. I'd work on movement of the ankle in all directions (if you didn't already have full movement) and strengthening if you had any weakness. Proprioception exercises (working on balance and the "fine tuning" of that ankle/foot and leg) is essential.

I'd suggest doing a course of balance exercises as I outlined before...you need to start off slow and gradual but do them regularly. Do you take any painkillers? It's likely the exercises will cause pain but remember, this does not mean that your condition is "serious" and that you should not take weight on the ankle. I'd strongly advise against using crutches as you need to take weight on the ankle to build strength and proprioception and taking weight off it (other than to rest after activity/when in a lot of pain) is counterproductive. I'd advise as pain allows, progressing exercises as you're able. You will obviously have some discomfort and pain initially, but this is more likely due to the longstanding nature of your problem rather than any acute inflammation (assuming your ankle is not swelling regularly/warm to the touch/red?).

You need to work on your proprioception until your balance on the affected side with your eyes closed is exactly the same as your good leg. I can't remember what your activity levels are/were like but after this, if you were into sports or wanted to return to running etc...I would advise practising jumping with both feet slow and controlled as able (and pain allowing) and then progress to hopping...also in different directions.

People who have ankle sprains or nasty ankle injuries with/without fractures will generally have some instability and laxity in the ligaments post-injury and this is quite common. With regards to strapping, I take it you mean taping? As opposed to using an orthotic or fitted support? If you're taping your ankle you should definitely have rest days to allow your skin to recover, as taping constantly can lead to skin breakdown. I wouldn't leave tape on longer than 2 days max and would have at least 24 hours free of tape before re-applying. You might find that if it's less painful with the tape on, then tape so you are able to do the exercise regime and gradually reduce as pain decreases / your proprioception increases (hopefully this will be proportionate)!

Hope this helps.