MH370 blackbox - is it still possible to retrieve data from it?
There are precedents: the flight recorders of AF447 spent two years at the bottom of the ocean, and revealed all that had happened after being retrieved. So they had survived being immersed in salty water at high pressure, making it very likely that MH370s boxes have survived as well.

Time of immersion is less relevant: oxidation (rust forming) is much slower at greater depth, due to much less dissolved oxygen and lower temperatures. The corrosion that does take place is mainly anaerobic, through bacterial sulfide formation. As posted in for instance this link.