crank position sensor
This is possible, yes.You could also check the ignition coil, this will cause the same symptons.
In a carburetor car when the engine is cold, slowly pump the gas pedal once or twice. Then turn the key and crank the engine for a few seconds. The engine should start up. If not wait a few seconds and recrank the engine. DO NOT repump the gas pedal before each "recrank". If by the second or third crank the vehicle has not "caught" or started, push the gas down slightly and it should start. If the car should flood, hold the gas pedal to the floor and crank the starter. DO NOT take your foot off the gas pedal after the crank. This will flood the carburetor even worse. And DO NOT crank more that 10 seconds.
Sounds like you are running on battery power alone. I would suspect the alternator has stopped changing. Could be nothing more than a loose or worn belt. Have your electrical charging system checked. Drain all the gas out of the gas tank. Change the oil and install 5 gallon of good gas. The alternater is not working Recharge the battery with a charger or car.. Try for a recrank and it does - let idle for 30 minuts.
Depends on the type of "horrible noise" it made. A screeching sound would probably be a bearing seizing. Not good. A clunk or thud would be a connecting rod or something in the head breaking. Worse. Putting in a "racing chip" with no other modifications is asking the motor to work harder than it is really intended to.
My 93 VR4 has started doing this at 195K miles. It runs fine after this sputtering and occasionally backfiring and even dying. Then you can recrank it and drive all day. I am going to take it in but the bets are that it involves the choke cutting out. The timing is about right. If it were the injectors or filters then it seems that the problem would continue while driving. I am still drining it at present until time to take it in.
check for bad bearings in alternator OR TALK BELT OFF THEN RECRANK. IF STILL MAKING NOISE SPRAY WD 40 ROUND YOUR THROTLEBODY. CAREFUL IT IS FLAMEBLE. SEE IF NOISE STOPS OR QUITENS. I RE-BUILT MY ALTERNATOR YESTERDAY SILL MADE NOISE, CHANGED BELT AND BELT TENSONER LAST NIGHT THEN IT MADE NOISE AGIAN. WHILE IT WAS MAKING NOISE TODAY ME AND MY SON TOOK BELT OFF STLL MAKING NOISE "NOT BELT OR ANY PULLIES" SPRAYED THROLTE BODY WD 4O FOUND IT IS SUCKING AIR WHERE CABLE WORKS THROTLE MAKING THE HIGH PITCH LOAD NOISE. THE NOISE GOES AWAY WHEN SPRAY. WASTED 135 YESTERDAY ON PARTS