Help from all you dirt experts!

We just bought a house recently and while being busy renovating the inside, I have a BIG question about the outside! The old owners had a horse arena. It is filled with sand, horse poop and currently some pools of green standing water (it's been raining). Is it possible to add dirt, till and then grow a vegetable garden there next year? Any advice would be great. Oh and I don't have a large budget. Thanks so much.
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