That sounds like the clockspring, it happened in my mustang. The hardest part was getting the steering wheel off. There are a few connectors that have to be taken off but its pretty easy.
95 Contour Gl - the work beater - bought 6/15/03
88 S-10 Blazer - back up beater - owned since 89
97 Cobra Vert - my weekend toy - bought 12/01
