2002 Mustang GT bogging on heavy acceration

My 2002 Mustang GT had been running fine without any problems. It began raining the other day and of course I enjoy playing some while it is wet and most times I leave the traction control on. This allows the rear wheels to spin in a mild manner but can still be controlable in traffic. The other day, it began to rain and I accellerated to break the rear tires loose and the car "bogged". It was simular to when the traction control takes over but the rear tires had not broken loose and there wasn't any reason for the tract control to kick in. I tried it again on a dry road and still the bogging occurred. There hasn't been any problems and this came on quickly and without warning. My check engine light was lit but I assumed it was due to the fact my O2 sensor comes and goes as a result of the abscence of cats. Could it be the MAF? Or something or serious? Thanks Ray