You need air, fuel and spark for the engine to run. :-)

Carefully pull off a spark plug wire at the plug and let it hang loose near the plug. Crank it, and see if you get spark.

If you do, it doesn't mean that everything's OK with the electronics, but if you don't it's a good indication that something's wrong. As to what may be wrong, it's hard to say. It could be the coil, the spark plug wires, the "pickup", the timing sensor (maybe a crankshaft position sensor), etc., etc.

I assume it's fuel injected. If so, there's probably some sort of mass-flow sensor that tells the engine how much air is coming in. If that is failing, you can have troubles as well (as the computer can't get the fuel:air ratio correct).

Does it only happen when it's cold? If so, then it indeed may be condensation and that may indicate that the spark plug wires may need to be replaced. If they were recently replaced they may still be bad as lots of plug wires are crappy these days. :-( Or they may simply need to be repositioned (to allow more space between them, remove any kinks, etc.).

If it only happens when its first started, but runs fine after it warms up, then it may be something is wrong with the choke or the cold-start cycle in the electronics or fuel-injection.

My wild guess is it's the plug wires. Check for arcing when you try to start it (with the wires all in place properly).

HTH a bit. Good luck!

Cheers,
Scott.