Thank you everyone for all the replies. The cats and Muffler has been removed and its straight pipes. The right O2 sensor is broken off and the bottom part is ceased on the exhaust pipe. I have tried my darnest to remove it, unfortunately it won’t budge. I took it to Evens but unfortunately they are way too busy. Not sure how to remove the O2 sensor. I have 17 codes but most relate to O2 sensor. I just bought this baby and unfortunately I fell in love with it before my brain told me to back off and think hence no PPI and now I am stuck holding my, well, my "stick shifter" trying to sort all the demons out. But hey it’s the journey that's exciting. I am not a car person just a humble Computer geek but do have a PHD in Google. Thank you all for the assistance. I have a lot to sort out. Guess at the time of purchase my eyes were way bigger then my brain!!!!! Yet another proof for my wife to use against me that I am just an idiot... Thank Goaaaddddd that my wife cannot drive a stick shift!!!!! Call me whatever you want but danged I love my joy stick!!!!!! I now have a new uhmmm understanding of going through the bridges and tunnels!!!! This one has a better rowrrrrrr then my 91 DiabloI'd say it's very likely your O2 sensor if it's just one bank. Do you have a CEL for the O2 sensor on? Does your car have cats? You could also check the cap and rotor as well as the TPS since they are know issues and easy, but I wouldn't do too much else before replacing the O2 sensor.
CCIE, can you determine which tail pipes or is this condition equal in all four tail pipes? Remember, the tail pipes cross over such that the left tail pipes are coming from the right side of the engine and vice versa. If the smoke and flames are equal across the four pipes, then you have an equalized issue across the whole engine somewhere in the system such as fuel regulator allowing too much fuel like Mikal says, or lack of ignition. If the smoke and flames are not equal you may have a stuck open injector or a failed spark plug /wire/ignition such that a certain cylinder is not igniting and pumping unburned gas into the exhaust.
most likely given your brief description and depending on which 02 sensor is bad, the ECU may very well be forcing an injector(s) open longer to change that condition resulting in unburned fuel exiting into the exhaust. This condition no matter what should be throwing check engine lights. Which ones are coming on?
Final comment as one poster said above but drive sparingly or not at all as too much raw fuel into your cats can do damage to them. My hunch is replace your O2 sensor and see if this changes your issue.
Wow!!! Would love to hear that combination... Once upon a lifetime ago I was running Jackson axes through 6 full stack couple of DSL and TSL JCM 800/2203 but my favorite today is JVM410h though never get to play it at its full potential. What is yours a Plexi MK2?i am the proud owner of a 74 Les Paul Custom through a 50w vintage Marshall Stack.