Since you have a code, that would be a good first place to start. It may just be a MAP sensor and you're dumping way too much fuel in. That explains all the symptoms but the sound, which is hard to diagnose on a forum.
Here's some other ideas to rule some things out:
- If you have an infrared temp gun, you could get the temps on each exhaust port and see if you have a cold one.
- I would check to make sure you don't have a crankcase full of fuel.
- Pull the dipstick when it is running and see if you are getting a lot of blowby.
- Check the coolant and see if is contaminated with oil.
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