two problems with 31c7070603b2 engine. Help please

To make a long story short I have a Troy Bilt 42" lawn tractor with a 17.5 HP Briggs and stratton engine model #31c7070603b2. This mower was winterized back in 2010 and I ended up with it. When I drained the oil (from both the chamber and crankcase) there was a lot of water in there as well. I dried it out as best I could and also took off the carburetor to check out the float bowl and intake pipe. After I reassembled the motor with fresh oil and spark plug I tried to start it and to my amazement it started on the first crank, now here lies the problems. The first one is that I have no response to any throttle cable adjustments, it just keeps running at a high RPM and I have not been able to slow it down. I have not adjusted the idle speed yet because it is still at the setting it was previously. and my second problem is, last night I was still working on it when the sun went down, I started the engine and tinkered with it for a few minutes (about 2-3 minutes) to try and fix problem #1 when I noticed that my exhaust pipe AND muffler were glowing a dull red and getting brighter by the second. So I shut it down of course. Today I took the exhaust manifold and muffler off to make sure I didn't have any fluid in there, which it didn't. Yes the engine smoked a lot when I first got it going but I expected that due to the oil getting every where in the motor.



Any advise would be greatly appreciated,



Ron