Yesterday I started the truck to go home and lifted the shifter lever to move from Park to Drive. I heard a metallic 'click', the lever went loose and would not move out of park. Also, now I cannot move the key back to full off (the position where you can remove the key). Any help would be greatly appreciated.

 

Take apart the shifter and replace the broken lever that releases the key, or if your lucky the pin holding in that assembly just fell out, you may have to poke around and find it, but more than likely thats what your after, David7.3

 

Sounds like the shift tube might have snapped, common ailment to the model year.

Looks like this lays in on top of steering column (link used as example only),

1994 Ford F150 Truck Steering Column Shift Tube Assy with Bushing SET at 1A Auto.com

 

The two bolts that hold the shift cable to the bottom of the shift tube loosen and fallout as well, leaving ya loose and not being able to shift. lay on your back with a flash light and follow were the shift cable mounts to the shift tube and wiggle the shifter, you will know right away if it a broken shift tube or the bolts backed out, look on the floor for 2 torx bolts, if not drop the column and see what went wrong. David7.3