It does, you just have to break the column and pop the retaining ball out so the ignition switch can turn freely. Most older GM's and Jeep's have that in common.
My friend in highschool had his Jimmie jacked that way and when they recovered it, he left it that way for a few months
Though back on topic.....
I did read somewhere last year in a magazine about someone jacking a truck towing an enclosed trailer w/ 3 or so GM concept cars in it by having a key made from the VIN.
