my gilera runner vx 125 has a big problem please help me?

basically when i pull the throttle all the way back on my bike it wall start jumping around and gradually lost speed it was doing about 85mph and now only doing 55 if i keep revving the bike and all my lights keep blowing up and i have cheaked all of my fuses and none of them have blown and no walter is getting into the bike please help many thanks neil

neil
February 2007