CKP sensor failure is common. The Identifix Hotline has had some cases of the timing belt shredding, affecting or damaging the CKP sensor.
Tests/Procedures:
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.