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OK, can somebody help me out here?

I have a 1998 Yamaha Wave Venture 700.

Compression: 140psi in both cylinders
Carbs: Rebuilt good. I know how to rebuild carbs and they're done right.
Spark: Wierd

Using a timing light, one cylinder sparks normally, like clockwork. The other is sporadic. Ski runs great in the driveway, but on the water it idle's rough, runs good with a small amount of throttle, bogs down when I open up the throttle. After running with the throttle open then pulling off the seat, there seemed to be a lot of exhaust in the engine compartment.

I'm just wierded out by this one, I'm guessing that I have a bad spark plug wire, but does that explain everything?

Please help. Thanks.
 
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