My Cobra is Sick. Please help!

I will describe the problem as much as I can and it started 2 fridays ago. BTW, Im talking about the Rio Red Cobra in my sig. 2 Fridays ago Im headin to the track with my most recent Cobra that I bought 2 months ago. I fill up with about 7 bucks so when I arrive at the track I can race on a 1/4 tank. On the way there, Im cruisin with the cruise control, and then it starts sputtering. Felt like when the fuel filter went out on my 87 Bronco II 5 years back. It isn't the fuel filter because I just changed it like 250 miles ago. Anyway I start thinking maybe I got bad gas, so I pour gas treatment in it and start driving again. Nope, so we call a tow truck, he arrives an hour later, and I explained to him it feels like it's starving for fuel. He says start it up, and I told him it wont hold an idle. So he starts it, we're revving it and its fine. I drive it down the street and back with him there, its fine. I drive it home and use it throughout the week, fine! So I try my luck with the track this past Friday. Got it there, made one crappy pass (tranny wasnt warmed up so I grinded 1st to 2nd and it took me like 2 secs to get it into 2nd gear so I ran a 14.4@103). Then Im in line to make another pass, it starts sputtering. The idle is irradic, and if you let it idle long enough it dies. When you rev it to try and keep it from dying at WOT it wont go past like 5200 RPMs while revving it. It feels like its starving for fuel. So I take it into a dealership ( ya I know, Ima get raped by charges) and they start telling me the injectors are dumping too much fuel. They also said they are gonna have to go into the engine to find out why. Im thinking to myself they cant run a diagnostic connected up to the computer? I also asked him that and he said no. I think I am gonna go over there today cause it seems like they are going about this the expensive way. First of all, all you super tech people, any ideas as to what's goin on? Secondly, how do I avoid these ridiculous charges by them going into the engine, and can't they just hook it up to their computer and find out what's going on that way?
P.S. the Check engine light is always on cause I have no MIL elims, but when its acting up, its blinking really fast.
 
The first step should definately hook it up to something like an autotap. Was it smoking? If it was dumping too much fuel you would more than like see black smoke just before it cuts out. You should also be able to read the plugs.
 
I always try to do whats easiest first. Pull an codes specifically looking for codes on the front o2's first. If no codes. I'd get some real time data. I use my tweecer but they probably have something like autotap. Then look at the plugs, and go from there.
 
Thanks, I will be making a trip over to the dealership to talk to them in person. I want them to show me what exactly they are doing and explain it to me. Im not one of those sucker's who will pay anything to get my car running again. Anybody have any suggestions as to what it might be? I was thinking possibly Fuel Pressure Regulator, or Fuel pump. Im not too familiar with fuel systems on 4.6s. This is my 4th one, but the first one to give me problems like this.
 
Im ***ed!

Yea so I get to the dealership and my engine wont crank! Its hydralocked!, whatever that means. So it's gonna be $800 just to take it apart and look at it. They said hopefully I have a bent rod or two and they can fix it for $1700 best case senario. Worst case I need a new engine which is $4100 totalling $6000 with labor!!! Does this seem right? The new engine comes with a 3yr/36K warranty, but then they told me they will use all the acessories from my current motor-Fuel rails, A/C compressor, pullies, power steering etc. I really hope they will clean the injector system, and throw in a heater core and connect it and get all the coolant bubbles out of my system included in the 6Gs. I am so upset right now :( Moral of the story guys, It is damn near impossible to get a 96-98 Cobra for cheap. If you want a good one you are gonna have to pay between 11-14 grand. I tried my luck with this one with all the mods listed in my Rio Red sig, picked it up for $7500 with 78K miles and boom, crapped out on me. No such deal exists, too good to be true. Now I'm in real deep, and my parents forbid me to buy this car and predicted something like this would happen. They said, " Dont come crying to us when it breaks down and you cant afford to replace it." Buyer's beware! Get your ish checked out by a mechanic before purchase. Thanks anyway guys for the tech advice.
 
Ford wanted $6000 for a stock replacement Cobra motor. I said no way. I am now going with Mike Murillo Motorsports and he is building me a forged motor for $5300. Much better considering what I get. My friend sent me this link http://www.leakingfords.com/signs.html and it described my problem almost exactly. I know this link says it applies to the 3.8 and 4.2 6 engines, but is this what happened on my 4.6L DOHC? :shrug: Any input and opinions about Murillo Motorsports is welcome. I will find out exactly what Im getting in this engine. I think he said something about ARP heads, rods, studs, aluminum shortblock etc. Im not too knowledgable when it comes to engine internals. I know basic functions but man, there is so much more to learn. Seems like in the 2 years I have been posting here more and more newbies keep asking gear and exhaust questions. I feel like I'm losing knowledge instead of gaining it lately on this forum.
 
Hydrolocked! First of all I really think you need to get a second opinion on that. Hydrolock is when the cylinders fill with some sort of liquid. You see this happen a lot when people run through water that is too deep and it sucks water through the intake. It sounds like they are saying yours was caused by too much fuel. If it was from fuel it would more than likely be a fuel leak. which would be very noticable because you could smell it. There would also be fuel in the oil. Also in the cases I've seen. Once an engine is hydrolocked, it is locked. If it was running at all when you brought it in, then I don't beleive it was locked at that point, and they locked it up after you brought it in. Personally I would push back and make them pay for part of it.
 
I never smelled fuel. It was always coolant I smelled. I just described the fuel thing because that's what it felt like it was doing. A while back I posted I had cooling problems and everyone was saying there were bubbles in my system and I needed to get them out. Well I tried every method to get them out, and nothing seemed to work. I was always burping my system everyday. I'm pretty shure it was coolant in the cylinders, cause I experienced a lot of the symptoms from that website. I prolly had a leaking gasket. My car was hard to start sometimes, I had white smoke coming out of the exhaust, the guy I bought the car from bypassed the heater core because it broke, I was always low on coolant, despite filling it almost everyday. Oh well, the car should be at Mike Murillo motorsports by now and Im going to make a visit to him later on today. Anybody know the quality of work he does? He seems pretty reputable and seems a lot more reasonably priced than Ford. Ive always wanted a forged motor and a dyno tune. I'm just gonna go all the way cause this fix is putting me in debt. No use in half assing it. I'm gonna go broke in style :flag:


P.S. Anybody want a Pacific Green Cobra with just under 50K miles. I really gotta sell it now. http://img40.photobucket.com/albums/v123/DHG2967/97 Pac Green Snake/