Crank Position Sensor
This sensor tells the engine how fast the motor is turning. In other words, you can directly correlate the pulses from this sensor into RPM's. The crank position sensor wheel has ___???____ windows per revolution.
Diagnosing the Crank Sensor:
When the crank sensor fails and causes an out-of-sync situation with the ECU the ECU cuts response to the throttle in order to prevent major engine damage. This throttle cut generally happens within a certain RPM range.
Another symptom you may also notice is that your tach (RPM) gauge hangs at a higher rev even though the car's speed is slowing. This symptom is due to the throttle being restricted by the ECU, as previously described.
Yet another symptom is the car wont start on cranking. This is because the ECU cannot determine how fast the crank is rotating due to the failed or failing crank sensor. This problem is further exacerbated by the electrical interference the starter is throwing out as you are cranking the engine which further confuses the ECU. This starting symptom is commonly incorrectly diagnosed as a failing starter throwing out extra electrical interference. However, this is rarely the case and is simply a failing or failed crank position sensor.
If the sensor is fine the problem can be mechanical. The crank position wheel is attached to the crankshaft via press fit and then secured with a screw. The screw can come loose, the screw can fall out, or the screw can shear off. Also, during old maintenance on the car the wheel can be bent by a careless mechanic which can throw off the crank balance a bit, increase the likelihood of the screw problem previously mentioned, or simply confuse the crank position sensor. This mechanical problem is typically not seen on cars turning stock RPM's (under 7500) and stock displacements. It is far more common on stroker setups or setups that turn high RPM's (over 7500). Both of these setups cause increased vibrations on the crank and in turn, put more stress on this crank position wheel. The fix for this problem if you are building a high RPM or stroker setup is to tack weld the screw in place or fully weld the entire position wheel in place.
You can get a replacement crank sensor for $20 online. It's a cheap fix for a big problem.