The other day ago a water line going to an exterior faucet exploded in the wall and flooded my finished basement. The water level was around 1"-2" high and we imagine the water was running for at-least 16 hours. We do live on a hill and the basement only has one wall exposed to the outside and the remaining three walls are underground. That said, since this is a basement and the room stays at a cool temp should we replace the carpet? We already pulled up the padding and vacuumed up the water. Is there any pre-treating we can do?
The "usual" flood involves dirty water, either exterior or sewage. There, I'd agree that the carpet is toast.
Where you have basically rinsed the carpet for 16 hours with clean potable water, I think you have an excellent chance of drying it out and being fine. If the outside faucet pipe froze, you are presumably heating, which means the air inside will be dry, on the whole. Add in a lot of fans and dehumidifiers, and it might well dry out fine. You are describing a one-time event, not a leaky basement that's wet all the time.
On the third hand, carpet is relatively inexpensive. And on the fourth hand, will insurance be involved? They might have an opinion, if so.