First off, I've searched this site and all over the interwebs. Many others have had this problem, but nobody has reported a fix.
So I replaced the knock sensors in my 2002 5.3 liter Suburban last month. As to be expected, the rear hole was full of water. Got everything back together, had code cleared, truck ran great. Then the code came back on. So I went and bought a $100 code reader at the evil empire (Wal-Mart). Lately, I've just left the code reader plugged in, sitting in the cup holder, as every other run cycle I have to clear codes P0332 and P0327. When the MIL comes on, the computer retards timing a few million degrees, so I hit the button on the code reader to erase the codes so my truck will run normal. There is NO knock that I've heard, and the truck is running great when the light is off.
So, I've replaced the sensors, truck runs great, but the computer keeps throwing these two codes. Has anyone figured out a definite fix for this, other than the obvious "check the wires/connections?"