You should still be able to send and receive money...only thing is you might get a hold on your money.
Meaning...it could take 3-4 days to verify the transaction.
My recommendation would be to try and transfer (xxx.xx) amount of money to a different paypal address. This way, the other paypal account won't be limited, and then you'll be getting rid of the one you own now.
Try that, and let me know if it helps you =D