I'll bet the ball tracks have fallen apart and it's spitting balls out into the case. It's a recirculating ball design which transmits the force from the steering shaft worm to the nut that engages the sector gear. Once all the balls are all gone between the worm and the nut the wheel will just spin. It's time to open it up and repair it before you don't have any steering at all. Here's a pic from the service manual.
Kevin 1951 Chevy 3100 work truck Follow this saga in Project Journal Photos 1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car) Busting rust since the mid-60's If you're smart enough to take it apart, you darn well better be smart enough to put it back together.
