95 Cobra Bad O2 Sensor??

Your car should still have the two stock O2 sensors on it that are used by the ECU; the wideband, more than likely, is there just as an add on gauge so should not cause any problems with how the car runs. The Innovate wideband uses a Bosch sensor and can be bought for about $60 if you shop around. I think Amazon.com has them for cheap. However, I would try recalibrating the wideband before buying another.

You should be able to find instructions on their web site.

Here is the procedure:

4.1 Free air calibration
To achieve maximum precision, the LC-1 and its sensor needs to be recalibrated frequently.
The sensor MUST be operated in free air for calibration.
Remove the oxygen sensor from the exhaust and expose it to free air (outside of the exhaust
pipe) for calibration purposes:
1. Connect the LC-1 to 12V from the vehicle and switch it on.
2. After the sensor has warmed up, either press the pushbutton or connect the calibration wire
to ground for three seconds and release.
3. After the calibration is complete, switch the LC-1 off and wait for 30 seconds before you start
the car.
If a LED indicator is connected to the calibration wire, it will be off during free air calibration.

Which came from this:

http://www.innovatemotorsports.com/support/manual/LC-1_Manual.pdf