07 m8 full throttle flooding?

i have a 07 m8 that takes like 10 pulls to start. i just bought the sled for super cheap. so i get it to finally start and i let it warm up for a good 5 min. the check engine light is flashing a code of 1-7 which means the sensor in the pipe. but it idles fine and all so i take it for a quick ride. it runs great up until i pin it and it will run great for about 3 or 4 seconds then it seems like it floods itself and bogs down to nothing. so i then try to refire it and it takes about 20 pulls and finally it roars back to life. i try it again with the same results except this time i let it roll til it stops and let it idle during that time. it doesnt die out and i can get right back on the throttle then.

so my questions are these: one, how much or what effects does the sensor have on the running of the sled and second, any ideas of why it takes so long to start and ideas on the flooding out.

Thanks anyone that can help.