RE: 2 year old fuel with hole in cap ?
If it's in a sealed container it should be ok. Routinely, though, I go through it pretty well and don't have it around that long. I did have a couple of gallons of S&W 15% a few years ago. I bought 16 gallons of the stuff at the beginning of the season and at the end, I had two gallons left. It sat in the closet for the Winter season, then in the Spring, I used it like it was new. No problems. However, it was in sealed containers, meaning never exposed to the sunlight or air/moisture contamination.
In this case (the OP's situation), that hole in the cap is the issue. No matter the size of the hole, two things can and most likely did happen. Our fuel is Methyl Alcohol with Nitro Methane, plus some sort of oil blend. The oil won't evaporate but the methyl alcohol will. And, Methyl Alcohol is an alcohol and alcohol absorbs water. That is the double whammy here.. contaminated fuel that has had some of the alcohol content evaporated away.
As RCKen suggests, don't use it in your engines. There are other uses for it. I used some old and suspected contaminated fuel to start the fire in my fireplace. Works just fine.
CGr.