While this was an old post, perhaps I can help a bit with the history of this name. I have been a locksmith since 1977 and when airbags got stuffed into steering wheels it was deturmined that the slip rings they usually use to have electrical connections on the steering wheel were not reliable enough for a device that has to be reliable.

The solution was to have the conductors on a thin plastic film that was wound in a loose sprial that could coil and uncoil when the steering wheel was turned.

I went through training to learn about servicing locks on cars equipped with airbags shortly after their introduction and the term "clock spring" is what was used at all the training I have been to since. It might be the term GM uses to describe the part.

GM is the application where a locksmith would most likely run into the need to remove the "clock spring" as that was the last make to stuff the ignition lock retainer behind the steering wheel, most makes have changed over to a design where the steering wheel is left in place when servicing the ignition lock cylinder.

If anyone does have to remove a "clock spring" several things you need to be careful with. First, you must be careful with the timing of the unit. If the steering wheel is turned to the right and the "clock spring" is would to the left you will kill it and potentially blow the airbag. It needs to have enough slack so the wheel can turn lock to lock.

Next thing you really need to be careful with is when you are disconnecting or reconnecting any airbag component, the plugs have little locking clips that must be replaced. Also you are never supposed to splice any air bag wire.