Just because the O2 sensor is reading 0 volts doesn't mean it's dead. A typical O2 sensor generates a small amount of voltage based on the differing amounts of oxygen in the exhaust and the outside air. When the difference is large between the two, engine running rich, it can generate right around 1 volt. When the difference is small, engine running lean, it won't generate voltage.
Normally, when you look at the voltage output with a scan tool or a voltmeter the readings will fluctuate between 0 and 1 volt rapidly. If you look at it with an oscilliscope it should look like a sine wave. So the engine is constantly switching between running lean and running rich.
The reasoning behind this is to keep the catalytic converter alive. Think of your converter as an oxygen storage device. When the engine goes to the lean side of things the converter stores the excess oxygen that's in the exhaust stream and when it goes rich the converter releases the oxygen to burn the excess fuel. If it didn't do this the converter would never reach operating temperature.
There are several things that can cause the O2 sensor not to generate any voltage. Some of the usual ones are; vacuum leaks, exhaust leaks, low fuel pressure and, of course, a dead O2 sensor. Check all your vacuum lines and make sure they're ok. Make sure you don't have any exhaust leaks. Fuel pressure is pretty low on the list since your truck would probably be running poorly if it wasn't getting enough fuel. Finally, if the O2 sensor has never been replaced, it's time to replace it. I'd advise against cheap Auto Zone/Advance/Pep Boys parts. They're cheap for a reason. If the original one lasted this long it can't hurt to replace it with another one just like it.