If you're just installing it along side your existing system (not intent on wiring it in to replace the narrow band) then all you need to do it run the wires to where they need to be and connect power and ground. You will need to have another bung for the sensor to screw into welded into the exhaust down pipe.
Not by itself. The wide band is a diagnostic tool; the same as the narrow band. Some systems (such as the stock ECU (TCCS), certain piggybacks and all stand alone EMS's) use the data received from an oxygen sensor to monitor exhaust gasses and adjust fueling and other related functions in order to maintain a specific threshold.
The main difference between a wide band and narrow band oxygen sensor is that a narrowband sensor is really only able to read a very small area. It reads for Lambda or stoichiometric: an optimal burn. With gasoline this represents 14.7 parts of air to every 1 part of gasoline. The problem with narrow band sensors is that as you get away from Lambda the sensor isn't capable of reading anything other than "rich" or "lean". A narrow band sensor is more of a switch; rich, optimal, lean.... that's all. The ECU adjusts fueling to keep this stoichiometric mixture by adding and removing fuel as the narrow band's signal bounces back and forth from rich to lean very rapidly (That's also why AFR gauges don't serve any purpose with a narrow band sensor).
A wide band can read a great deal of the spectrum and report conditions outside of Lambda with a great deal of accuracy; Unfortunately, the sensors are more expensive, delicate and require more hardware to control and calibrate.
Here is a *decent* article on oxygen sensors on Wikipedia.
Whenever you're asking for help with something post any error codes you may have (whether you think they're related or not). What is the error code you've received?
Oxygen Sensor Testing:
http://www.cygnusx1.net/Supra/Librar...spx?S=FI&P=119
You DO need an analog meter to test it.
Sure thing.
Do me a favor, please; work on your capitalization, punctuation and grammar... it makes it easier for me to help you if I don't have to reread posts.