Dear Oly,
I've worked on Wisconsins quite a bit--I've got a big log splitter run by an old Wisconsin 1 cylinder, and you can't believe how many times I've torn that thing apart. Not sure, but it sounds like the float on your carb stuck and the fuel (which you forgot to turn off) flooded over, filled the cylinders and then some. I don't know if the fuel could have gotten into the magneto, but from its physical location it's a possibility. You should have a pretty strong BLUE spark (not a weak yellow one) when you turn it over. The point in the magneto might be fouled, etc. If you have good compression, the problem has to be fuel or spark. You might want to take the carb off, soak it in a carb bath and put in a new kit (available from NAPA)--it's probably a zenith carb (take the number from the brass ring on the top). This will remedy the float problem, etc. Then you should take off the magneto (or if accessible just the front cap). If you can take off the cap, you will see the point toward the bottom of the mag. Make sure they are clean and dry--file or burnish lightly and make sure the gap is at .015. Make sure the coil and other parts aren't swimming in gas. Put the cap back on and check for spark. It could be conceivable that the mag is losing its spark--this sometimes happens. This is probably a fairbanks mag and I'm not sure where to find replacement points, etc. At any rate, these mags are routinely available on Ebay, as are the carburetors. I hope this helps to get you started. Good luck.
Jim
