Fuel in exhaust pipes?

Ok this question is for a friend of mine...didn't know who else to ask so I figured I'd ask you guys. It's on a 300 cid I-6 in an 89 Ford F-150. He said he's got raw fuel coming out of his exhaust pipes.... Now the two possibilities I was thinking, were either he's got broken fuel injectors filling the cylinders up quite nicely and when the exhaust valve opens, the unspent fuel gets pushed out with the excess.....OR he's got a bad exhaust valve.

His idle will sometimes sit normally, but if he leaves the IAC connected and puts the car under any kind of load, it idles up to like 2500 rpms and sits there. TPS, IAC valve, and MAP sensor are all brand new. This is a granny 4 speed by the way.

And we checked his fuel pressure and it reads abnormally high and unstable. Around 45-50 psi with vacuum. And it fluctuates RAPIDLY...the needle bounces by about 3 psi at least two times per second.

What do you guys think? Thanks.