1990 5.0 I get a code 11, but still won't start

I get a code 11 on my PCM. I get spark to the plugs. The fuel pump reads an initial 40lbs. The injectors check out, voltage, ohms and pulse.

If I put the accelerator to the floor, turn it over, then release the key, the engine pulsates for several seconds--whoofing sound.

Does anyone have any ideas?
 
Are the plugs wet? Flooring the pedal shuts off the injectors so that might not be helping.

Is the IAC disconnected, dirty or broken?