The power steering going out when the light comes on indicates the problem goes beyond the alternator to something that controls both the light and pwr. steering.. Serp Belt.
Slipping because it is old.
Snapping that belt will cause stranding, PLUS it will fling around, breaking unknown vac hoses, wires, and connectors that you will NOT know what they are (or WHERE they are) and you will be screwed.
Repalce the belt.
20 minutes with help (no strong arms.. just a hand to hold the tensioner)
Ray
