fuel trouble

[xdnydx]

I recently got an 89 240sx and the fuel is being dumped into the engine a lot faster than it should. It started at first and now its too flooded to even start. The spark plugs are all covered in gas and theres gas coming out of the muffler. I checked the fuel pressure at the regulator and it read at 43psi going into the regulator and 61psi coming out of it. Is the problem the regulator or is it something else?:help