CKP sensor failure is common. The Identifix Hotline has had some cases of the timing belt shredding, affecting or damaging the CKP sensor.
1. Verify the battery voltage to the CKP sensor on the pink wire.
2. Verify that the ground for the CKP sensor is good on the black wire look for 0.05 volts or less.
3. Scope the CKP sensor on the yellow wire for a consistent 0-5 volt square wave signal.
4. Check for a possible timing belt shredding, affecting the CKP sensor.
Courtesy of Identifix, Inc.