Your crankshaft position sensor is to determine the position and/or rotational speed of the crank. Engine Control Modules / ECM use the information transmitted by the crankshaft sensor to control engine parameters like fuel injection timing. The sensor output can also be related to other sensor data including the cam position to derive the current combustion cycle; this is critical for the starting of a four stroke engine.
This sensor is considered a wear item and may become burnt or worn out. The most likely causes of crankshaft position sensor failure are age and exposure to extreme heat. Today's crankshaft position sensors are sealed units and therefore will not be damaged by water or other fluids.
When your camshaft position sensor goes bad, it will stop the data transmission required for proper engine operation.