Case solved but - before we found out what the problem was we have moved pretty much everything electronic into another Explorer and it all worked - ECM, PATS, etc... checked crank position sensor, inertia switch, fuel pump, relays, connectors - nearly all electronic components and in the end, just before giving up and before swapping another complete engine in we removed and replaced MAF - and voila! It started and ran fine - this time for more then just 3 seconds. Have no idea why bad MAF would cause engine to stall right away after starting but somehow it did manage to send some crazy signal to the ECM. Just because of the PATS system we thought of the worse possible scenario but it might sometimes be something as simple as this was.
Thanks for all your ideas - brain storms like this are good you know - some other guys could learn from this.