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The relationship between the air bag and cruise is what is called a clockspring. It suplies power to the horn, cruise, and air bag on top of the steering wheel thru a rotating coil of wires to the lower part of the column. If it breaks you loose power to those accessories. It is not dangerous to drive but the air bag will not deploy if needed until the problem is fixed.
2000 XLT Flare Supercab Sport 5.4-Auto-355LS-Tow pkg-Bedrug-Xtang Tonneau
The horn still works and I did notice that the Air Bag lamp is blicking a code 32. Not just a repeating 3.
I have also read another thread that dicussed this issue as a possible key switch problem. Not all the key contacts could be lining up right causing the volatage error.
Currenlty the key switch does not return after starting it all the time. I have to manually pull it back to the on position.
My info. for 2000 says code 32 is driver airbag circuit resistance high. I would not rely this being the same for yours. To go any farther you really need axcess to some kind of diagnostic information to follow.
2000 XLT Flare Supercab Sport 5.4-Auto-355LS-Tow pkg-Bedrug-Xtang Tonneau
[updated:LAST EDITED ON 11-May-02 AT 04:03 AM (EST)]I have a 94 F-150 4X4 with 265k miles on it. I have the same problem. In fact there are a lot of people with the same problem. This truck is going on its third clock spring. I've talked to the local dealer and they can't keep them on the shelves because they are selling so many. Today when i tried to get one they had sold three clock springs. I contacted Ford today about this problem and they are looking into it and are suppossed to contact me by the end of next week. I told them that I'm tired of replacing it with something that is junk and want a part that is going to last. I will post Ford's response if I actually get one.