I'm going to guess that "pit ####" meant petcock :-) and yes they do "go bad" in a number of ways. There is a diaphragm inside which can crack over time. There is also a diaphragm return spring which may break (I've seen only one like that though). But most often, the use of fuel with ethanol in it will cause the breakdown of the plunger seal. When that happens, the petcock "leaks".... not externally but internally. The Maxim-X has a vacuum operated petcock which is supposed to only provide fuel to the carbs when set to PRI (prime) or when set to ON while the engine is running. When the engine is off, there should be no flow of fuel. But the damaged plunger seal allows fuel to flow from the gas tank to the carbs at all times, even when the engine isn't running. When you combine that leak with a leaky float valve, the result is usually a crankcase full of gasoline - clearly not good. If you'd like to know all there is to know about the XJ700X / XJ750X petcock, visit the following page on the Maximum Maxim-X web site:
Maximum MAXIM Resource for 1985 86 Yamaha 700 750 Maxim Models XJ700X...
There are also some helpful tips for rebuilding the petcock here:
http://www.maxim-x.com/pix/petcock/maxim-x_petcock_repair_tricks.txt
...with supporting pictures here:
Index of pix petcock
Hope that helps.
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