555 won't start

[scplowboy]

I'm using my brothers 555. I was driving it the other day when it skipped and then shut down. I showed nearly a full tank of fuel and I checked it and it was almost full. I restarted it and it skipped a little and then started running but was smoking black out the stack. After a few minuets it started running OK, and smoke went away. I drove about 3 miles down the road when it lost power and shut down, it wouldn't restart so I towed it home. I changed the fuel filters and bled the system and checked the air filters which were clean. The fuel smelled like it may have had water in it so I drained and put new fuel in and again made sure the system was bled but it won't start up, sounds like it is trying but won't hit off. After trying everything I know to do I even tried a shot of ether but still no go. I don't have a shop manual yet and was wondering if anyone else had run into this problem? Any help would be appreciated.
Thanks, Jay

 

[Ed of all trades]

Is it "smoking" to show that fuel is making it through the injectors?

 

[scplowboy]

Yes Ed it is "smoking" black smoke. I used my meter and both the "switches" (I know what they are really called but don't know how to spell it...lol) are working good.