Yeah, I unhooked it immediately! I'm about to head to Lowes and buy a new ground wire. So, what about what cashman said here:
"The engine probably still has the wire harness for the fuel shutoff solenoid and connect to the terminal that is hot in both run and start and not in off position. The kill lead can connect to the "M" terminal or any terminal on the rear of the switch that has continuity to the body of the switch in the off position. The charging lead can connect to any wire that has continuity to the positive post of the battery or the "R" terminal on the rear of the ignition switch."
Is that how I hook up the fuel shutoff?
Update: I got a new negative cable and it helped some. It still wouldn't start though. Well, I went to unhook it but, I tried the key a couple more times. I noticed some smoke coming from the starter. The terminal hooked to it was touching the body and I guess it was grounding. I bent it away from the starter and tried the key again and the engine turned over! Things went south again after that though.
I put some gas in the carb and turned the key and it cranked immediately! It was 5 AM so, I cut it back off. However, the starter wouldn't quit spinning. I tried pulling the plug off the back of the switch and it didn't stop. I removed the negative from the battery but, not before the starter smoked real bad and finally stopped. I've since removed that starter and attached the one from the 8 HP. The one I removed looks like it has a crack on the bottom of it. So, does it sound like the starter was bad?