The main problem with this car is that it runs like crap. It will sometimes idle ok and accelerate smoothly, but other times it will act like it's going to stall, and a couple times already I have gotten stuck in an intersection and the car wouldn't move...I put my foot all the way down, and it doesn't respond for a few seconds (engine just shakes and bogs) and then all of the sudden the tires are spinning. It's very strange. It also won't accelerate smoothly, like there is a misfire.

Also, the o2 sensor light comes on on the dash every once in a while...what does this light mean?

I remember my 300SEL did this, and I cured the problem by replacing the plugs...

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Current cars:
2000 ML55 AMG, 174k miles
2003 C240 T-Modell, 202k miles
1995 S320, 207k Miles