Curious, what would happen to a car if, say, the o2 sensor was unhooked for the past who knows how long?

h: My setup is turbo now, and I noticed that I had two wires in the stock o2 sensor pulled out of the plug harness when changing my oil the other day. I'm planning on getting an Innovate Motorsports LC1 Wideband sensor and display kit, but I'm nervous if I've done any damage with having this un-hooked...? It does sputter pretty bad some times and it seems to burn more fuel than usual...
It should be mounted between the cat and turbo, but should it be before the stock sensor too?
Thanks fellas! Just getting as ready as I can for the tuner.