Done it !!! Jim was right!
Was able to left up the car from the driver's front side and rested a ramp underneath the front tire for safety. Crawled under their and had to use the special tool pictured above. It took longer to get used to the tool than it did to actually get the O2 out. I sprayed some penetrate lube and had to use some force to get this sucker outa there. There is no way one could use a regular wrench as some state in other posts !!! there is very small clearance to work with and the sensor is at awkward angle and fits into a deep socket almost like a spark plug so a regular wrench is not possible. I also used a 3" extension that plugged into the socket and then used a small wrench to fish the job. I was able to use my torque wrench to install it back with 50Nm (37 ft-lb) torque (calculate the wrench extension into that to make sure you get the correct torque. The job took me 15-20 minutes and I am an average or below DIYer.
JimF, you were correct, my sensor came with longer wire than the original. I followed your advice and folded the cable into itself and used 3 cable ties to secure it away from the exhaust. Glad you made the observation. Car already feels great!
oh, I was able to buy a new sensor from eBay for $77 including s/h. The sensor is brand new OEM (Bosch) and already comes with high temp lubricant on the thread and covered with plastic to protect it (see color photo above).