Well, hell, cranking but no start...

So I've check some things, I'm getting spark, how much, I dont know, it may be a weak spark, grabbed a cheepo spark tester with just the light, though when I pulled the #2 I saw spark on the plug.
I'm getting fuel, how much, don't know, but all the plugs were wet when i pulled them to check compression...
Checked compression (Im getting too good at pulling the plenum, lol?) not so good, but not none, 1-75. 2-95. 3-120. 4-110. 5-80.6-100. On 1 and 5 I put oil in and they built pressure like crazy, and as its been sitting, and the plugs were wet, may have had no oil on the rings.

So, 1st guess, plugs were fouled... they are out and the cylinders are open to hopefully dry out...
2nd guess, timing is off, the only part a friend helped me with, but I rotated the engine about 10 times by hand, then cranked it for a bit with the plugs out to get the oil flowing... the cam timing marks lined up, couldn't really check the crank marks once I put the cover back on.

Thoughts? HELP... =)
Saw a 96 with 141k for 3500, may just pick that on up and sell this one.