First of all remove the capacitor and all its remnants. Then clean all the areas blackened by the soot from the explosion. While you have it apart, check the carbon brushes and make sure they are still long enough not to cock over in their holders. Also check all cables for damage.
Then put the motor back together and see if it runs. If it does, all you have to do is replace the capacitor.
If it doesn't, you will find out if the stator coil or the rotor/armature is open circuit. If either is, replace it.
Now, I have an old 4EB with a worn-out air motor - and I would love to get hold of a 220V version to match out power here...
If yours runs after checking as above, and you decide to to get it rewound for 120V, I'd like to see if I can find a complete motor that's burnt out for you to have rewound....
Cheers,
Joe