I have a 1997 OBW (181K miles), on some occasions when I am driving and slow down to make a right or left turn, the car seems to suddenly lose power and to hesitate, when this happens I floor the gas pedal and the rpms wont go up as if the car is running out of gas, but then after perhaps 5-10 seconds the car gains full power again drives fine. On a side note the CEL is on giving an error code of P0325 (Knock Sensor), so I am awaiting for this part in the mail, could this be a cause? If so I dont understand the correlation between what is happening and the knock sensor, any suggestions are appreciated, thanks in advance.

Hm...well this wouldn't be the first post with a batty knock sensor. Once the ECU thinks the knock sensor has gone south for the winter, it probably goes fail safe and retards or whatever timing to the max. I guess that might not be the optimal map for operation and thus the hesitation. I'd say get that new knock sensor in there, clear the codes, and see if happens any more. Check the connector too to make sure it's not all corroded or something.