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Cape Code are you running with the cats on the FLPs or without? I have gotten codes from the rear O2s before even though I have cats. Nothing to worry about just clear them out and continue on. It happens very rarely now and usually only in the first few minutes of driving.
P0160 refers to a sensor not working properly after the car warms up. P0161 refers to a sensor not working properly during warm up. As wt99C5 says, it's the right rear. It could be a bad sensor or bad wiring or both. You should look at the wiring to the sensor to see if it looks damaged, especially if you have headers. If the wiring looks ok, replace the sensor. If it turns out that it is the wiring that is at fault the manual has this to say about HO2S wiring repairs:
Do not solder repairs under any circumstances as this could result in the air reference being blocked.
If the HO2S pigtail wiring, connector, or terminal is damaged the entire oxygen sensor assembly must be replaced.
Do not apply contact cleaner or other materials to the sensor or vehicle harness connectors as they may contaminate the sensor. If the sensor pigtail or harness wires are damaged this could provide a path for foreign materials to enter.
Sharp bends, kinks, etc., could block the reference air path through the lead wire.
Do not remove or defeat the oxygen sensor ground wire (where applicable).
Be sure that the peripheral seal remains intact on the vehicle harness connector to prevent damage due to water intrusion.
The engine harness may be repaired using the J 38125-B terminal repair kit. This kit contains special sealed splices, wire stripping tool, special crimping tool, heat torch, and instruction manual. The sealed splices have the following 2 critical features: Special heat shrink sleeve with sealing adhesive inside and a cross hatched (knurled) core crimp to provide the necessary contact integrity.
Thanks guys, I'm running the ORP's and I installed the O2 Simulators. Guess I better check the connection at the O2 sims after I figure out which one is which? Do you figure the passenger side is right rear? Could it be a faulty O2 Simulator (brand new) ? Maybe it melted already! I'll have to get back under there and check it out. Thanks again. Car sounds like the NASCAR Santa visited my garage! BAAAADDDD!