Is the Check Engine light coming on? If so, have you had it scanned for codes?
I find it odd that it would be getting fuel and spark. About the only other thing it would need to run is oxygen, and I doubt that you have the throttle completely plugged up. You may want to try checking a few other cylinders for spark. Your coil could have gone bad, and may not be distributing correctly. Unlikely, but it may have just happened to give spark on the wire that you checked.
Check for any EFI related fuses - you may be getting pressure to the rail, but unless you pulled the injectors and have confirmed their operation, that wouldn't necessarily mean that they are functioning.
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