If the ignition module looks like the two in the first picture it is not worth wasting time on they are famous for being worthless right out of the box, replace it with an Rcexl ignition module and sensor. If it looks like the one in the second picture with the engine, you can use the Rcexl throubleshooting guide I wrote here http://www.rcuniverse.com/forum/fb.asp?m=10187833

The second version ignition is better but the plug cap could be much better, again an Rcexl replacement would be a big improvement. Also check that the gap between the sensor and magnet isn't to wide, about 1mm or less is prefered.