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^This. Either some anti-sieze or die-electric grease would be the best to use.

I was gonna share my couple experiences, but this write-up pretty much covers the same: http://www.w-body.com/showthread.php/16057-crankshaft-position-sensor-tutorial

Ugh, I tried searching on CPS in the search forum tool and it comes up with zero results. I can't find any old posts related to this topic. Is the search function not functioning when searching for stuff like "CPS"?

What a pain in the arse to find that stupid thing. None of the pictures I found showed it until the above posting. And what does DP mean? I did finally find the thing though, it was beneath the header pipe/exhaust manifold. HOWEVER I have a new problem. We cannot remove it. We took the bolt out and we can spin the sensor in its hole but we can't get it out at all. I tried using a small screwdriver and it is starting to break up to the point where I don't know how we will be able to grab ahold of it. What do we do now? Is there a trick to getting the damned thing out?

right below the DP on the back of the engine in line with the crank in the middle of the block. If it had a manual trans you could remove it in 10 seconds. But an auto is tougher I've heard. I just replaced mine when I had my engine out.