Follow the exhaust down to where it starts to turn back under the engine to find the second O2. This O2 does not affect engine operation.
The IAC is under the intake manifold near the starter. If you take the intake resonator off you can reach down around the back of the engine, or jack the car up and crawl under.
The IAC affects idle speed. If it sticks closed the engine will die unless the throttle is pressed.