Is my bike drowning?

I got a 1980? basket case kz550. I'ts all together now except for the air box and the exhaust. I have started it a couple of times but it sounds like it is drowning. I have two sets of carbs and I'm not sure it the ones I have on are set up for pod style air filters or the air box. Any ideas what to look for? or if you need more info I'll try to answer.

well through the poor thing a rope and get it out of the lake! :laugh:
does it sound like the exhuast is plugged up and doesnt want to run or like its just getting too much fuel?what do the plugs look like?

might i suggest the OMR carb mod?

there isn't an exhaust on yet. But to me it sounds like it is getting more fuel than it can use. The plugs are used, came with the bike, and are brown. They don't look too bad. I was told it is a rebuilt engine, so I don't know if it has been broken in yet. Does that matter?

Running the engine without the exhaust is not(in my opinion) a good idea. I'd think having the exhaust system installed provides the required restriction the engine was tuned for.

Possibly burning valves/holeing pistons is not a cheap repair $$$.