Is it ever impossible to fix a guitar neck?

I bought a guitar off of ebay. I can't get close to it for the time being, as I'm trying to get the smoke smell out... but the action is way too high. It has a beautiful sound. Hard wood maple neck on alder body with an old Khaler system on it. When I get the action down to an acceptable region the high E buzzes as does the low E. When I get it down to where it should be it presses against the 12th fret. I will take it to a luthier but any idea what should be done? Is it ever impossible to fix a neck? The neck itself is hard wood maple and feels great. It's a Squier Pro Tone Fat Strat. For those of you thinking, "oh Squier..." just google Pro Tone. It's not your typical squier. Thanks for any advise.