[Edit] 
Answer Timing chain
The popping from the exhaust and the lack of power sounds like there is something in the timing. Most likely the timing chain is worn and needs replacing.
First answer by Ehayes1. Last edit by Ehayes1. Contributor trust: 32 [recommend contributor]. Question popularity: 51 [recommend question]
Answers.com > Wiki Answers > Categories > Cars and Vehicles > American Cars > Mercury > What is wrong if your 90 Mercury 5.0 started up fine and you turned the idle up but when you whet to drive it had no power and lots of popping from the exhaust when you put it in neutral?
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Popping in exhaust? How whent to space in 1991? Your 90 merc 50 started up fine on its own you turned the idle up but when you whent to drive it had no power like 4 of 8 were working lots of poping from the exhaust when you put it in nutral it was?
