u/Fair-Ganache-8589

Hello all. I hope everyone is doing well. I own a 2006 Suzuki Boulevard C50 (20,000 miles).I bought it from a friend not long ago. It had quite a lot of rust build up in the tank. I rode it while waiting for a decent gas tank to pop up on eBay. I was on the highway, wide open throttle (fifth gear), and I could barely hold 65mph. A few seconds later, sparks started shooting out of the top tail pipe, and then flames. There were 6+ inch long flames coming out of the pipe. I pulled over, and took this video. It cooled off, and I took it slow going home. What happened? Is my engine shot, or just a whole fuel system job? Any input is appreciated, thanks in advance!