Curious, is this a vacuum activated petcock? If so, was the diaphragm torn or removed? Should either be the case, fuel is constantly running out of the tank, into the carb and then likely overflowing into the cylinders- not good. Get a good petcock if this one isn't properly working. Verify that the float isn't sticking in the carb(s) allowing fuel to overflow into the engine. Also, does the petcock have a "prime" position? This typically allows fuel to bypass the hole normally open through the diaphragm activation.
Mind you, I'm not familiar with the Honda petcock but my KZ 1000 petcock of the same era was set up in this manner. Regardless, no matter what you do, don't try to crank the engine again until you remedy this problem. Hydraulic lock from that fuel in the engine can cause bad things to happen.
Just my 2 cents.