After the bike warms up, driving down the street or just sitting, the rpm's will rise, high enough to power the bike to 30 or 40 miles per hour without ever touching the gas. Just recentlt had the starter clutch replaced.

SOURCE: 2002 R1 engine slips on high RPM

From the sounds of your riding style (wheelies, etc.) you have burnt out the clutch.
No matter how much fun you think it is, Yamaha never designed them to be a toy to do wheelies. It is a sportsbike designed to go round corners fast.
The only silver lining is, hopefully the cost of replacing the clutch will stop you riding like a fool in future.

Arnie Burke

• 7339 Answers
• Posted on Aug 04, 2009

SOURCE: Engine cuts out with clutch engaged.

is your bjke water cooled could have aproblem with that-its gettin hot-if air cooled carb may neede cleaning. the clutch is ok but indicates to me that that carb needs a low speed jet adjust also-do u have a clymer manual!!

SOURCE: Bike dies when increasing rpm's. Idle's fine.

Hi!!
The spark plug has shortted....
Change the same and all will be well.

Regards
Berry

SOURCE: Stalling problem from neutral to first gear

I'm having the same issue with my 82 xs 400. Mine hasn't been sitting at all though. I rode it home two weeks ago. I put different bars on it, took off the mufflers and that's really about it. It starts and idles fine. If I put it on the stand and put it in gear, it will go through the gears with the wheel in the air spinning freely. Once I sit on it and put it in gear to go, it shuts off. I don't get it.