Sounds like your injectors are dribbleing which would mostlikely be caused by the Pressure Regulator. Fuel is at a high pressure in the rail and when the injector opens fuel is forced into the intake as a very fine mist (atomised). If your pressure is low then instead of the fine mist you get a sloppy dribble which is very hard to ignight, that would explane the wet plugs. Try to block off the return line from the Regulator to build up pressure in the rail. From here you can determine if the reg is cactus or your fuel pump cannot supply enough pressure. There is also the possibility that the injectors needle and seats are worn causing fuel to conatantly flow into the intake. Hope this helps, Let me know how it turns out.