92 735i/e32 Gremlins

I took the ol' 92 e32 out today for a drive (due to gas prices on the island, I haven't been driving her on island)
When idling; the "check engine" light came on -- I checked the code and 0A
Llamda -- that's the O2 sensor, right? When I give it gas, or drive it; the light goes out. but go back to idle, wait a few mintues; and it's back on...(it goes out as soon as you juice the throttle a bit).
The radio wasn't working; I assumed a fuse -- and that's what it was -- the fuse at the back of the radio. We replaced that. The only reason I mention this is; it was electrical, could be coincedence. Coincedence with what you ask?
After replacing the radio fuse & driving home, about 10 minutes later, the outside temp bing'd and displayed -535f (-27.5c). I seem to recall this being a bad connection @ the temp sender.
I pulled the temp sender, it all looks good (the temp sender is <1 year old). snapped it back together, and still - 535f.
Any clues on where to look next?
About 6 months ago; I got a Llamda error; so can we assume it's the sender needing replacement? are any of the aftermarkets ok, or should buck up & go the dealer? If not (and I am suspect based on only comes on @ idle), what could cause this?
Thanks for your time -josh
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