I wonder if the connections isn't quite there, and its just using its saved value (in your case .48) constantly. Throwing both codes means its a possibility.

I don't think you could install the sensor improperly, as I thought there were two notches on one side and one on the other. They're only little notches so its possible its upside down if you had to force it in. Hopefully that's all it is, otherwise I think you might have to start checking the wires between the ECM and the O2 sensor, it would seem like something isn't getting through...

To test the connector: Pin 1 is furthest from the U locking mechanism, and pin 4 is closest.. Test resistance between pin 4 and ground, should be about 50kOhm (ignition off, wait 5 minutes so main relay is closed.. O2 sensor disconnected). Pin 3 and ground should be 200 Ohms. Next step is verifying that the sensor works.. Start checking at the receptacle side and if you get a different number check the back end, perhaps you have a loose wire or two.
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If you're not driving it "like its stolen," are you really driving?