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If you continue to run it stinky rich, it will burn up your catalytic converters.
if it is that rich, i would assume an injector is stuck open.
since you have a Y pipe, both sides go into cat.
for what you have, i would think 2 things,
1. Get a new oxygen sensor.
2. Remove spark plugs and briefly determine which side is rich.
if all are black it might be oxygen sensor, most likely, it is fuel pressure regulator overpowering injectors. Or, 1 or 2 bad injectors.
when cold, no sensor except tps feeds computer till temp sensor says it’s ok to go to closed loop.
What is FP reading from a gauge, does it drop to zero immediately at shutdown? This would point to injectors being stuck open.
Verify the FPR is not dumping fuel into a vac port because of a leaky diaphragm.
If its flooding immediately, what is Coolant temp readout from Scanner, what is TPS voltage, IAC counts, etc. Oxygen sensor is not used at startup (open loop).
Pull plugs on either side to see if only one side is fouling the plugs up.
The more details abut your Corvette will really help us, help you.
Get a Fire Extinguisher and get ready for the worst possibility. Vaporizing fuel is really easy to ignite and there sounds like you have it so BE Careful!
If you have gasoline running down the intake and through the motor and out your exhaust then PLEASE DO NOT TRY to Start your engine!
Disable the ignition system and let it "dry out". If you have to remove the spark plugs and let them dry out (if possible). You don't want to anything that might ignite the fuel in the exhaust system. It can rupture a Catalytic Converter or even a muffler when it "goes off". I would be very careful until you get the fuel connections fixed. Let everything dry out, removing the Spark Plugs would sure get rid of the extra gasoline. You can't compress it very well so I would let it air out You certainly don't want a Cylinder full of gasoline igniting so remove the plugs and let it breath for a while.
Are The Hoses installed correctly at the Fuel Tank connections?
I/We are all listening, please tell us what you find.
Not only is it dangerous, but if a cylinder fills with enough fuel it can hydro-lock the engine since fuel doesn't compress. When that happens things can start to bend and break.