bog and gulp on blips, moisture and steam out of exhaust...

[kronus]

I'm guessing it's running very rich? Ideas on what causes that? O2 sensor?

[strad]

steam out of exhaust is a judgement call. Under the conditions you are seeing steam, do you also see steam from other cars? If not, then you probably have a problem. Are you losing coolant? If you are, coupled with steam, you need to investigate for a blown head gasket.

Under a no-signal condition from the 02 sensor, the dme will run a rich mixture to avoid detonation, but, a no signal condition from the sensor typically will turn on the check engine light. Is yours on?

Bogging can also be caused by a clogged fuel filter. When was the last time it was changed? I've also seen bogging happen on my M30 with a sticky AFM (only happens during cold weather on mine). edit: an injector stuck open or a faulty fpr could also cause it to run rich, or poor spark.