I already posted this in the 60-66 Forum, but I should have put it here. Everyone needs to think about this kind of failure. We all drive old trucks. This could have happened to any of us. I got lucky.
I had a scary one happen yesterday. Drove the old '62 to work. When I got ready to leave, I put it in reverse and cranked the wheel to back out of the parking space and heard and felt a major "BANG!", then the steering wheel spun with ease and felt completely disconnected. I got out and looked, sure enough, the Rag Joint had shredded and fallen out. I'm sure glad this happened backing out of a parking space instead of on the freeway at 70+ mph like I was doing the day before.
Please take the time to check the steering coupler (rag joint) on your truck. If it has never been replaced, you may want to consider changing it.
here's a couple of photos from my failure.
Steering Failure Rag Joint