As StangGT1195 said, the beeping is likely due to the bulb being removed or burnt out.
With the above said, you had a code 51 before - a blown internal safety fuse. That's
not good news at all! The safety fuse gets blown by the air bag control module for a few reasons.
Each reason is because there's a condition that compromises the safety and reliability of the air bag system.
You can get a new control module cheaply. Check
Car-Part.com--Used Auto Parts Market. Pretty much every place also ships. However, you'll get THREE ignition turn-on events to find and correct the serious problem(s) in the air bag system before the new air bag controller blows it's internal fuse.
Other than a crash sensor that is always on, finding and fixing the problems can be involved and time consuming. Sometimes, it's because of a shorted wire. That can be hard for people to find.
I'd suggest you might want to try to get a two air bag controllers (save on shipping).
- Disconnect the battery for 1+ mins,
- Plug the first air bag controller in.
- Connect up battery.
- Turn the ignition on and MAKE SURE you see the error code(s).
- Disconnect the battery for 1+ mins,
- REMOVE the new air bag controller.
- FIX the errors and verify with DVM/VOM/multimeter
- Plug the first air bag controller in.
- Connect up battery.
- Turn the ignition on and see if there are any error codes, If there are error codes, then REPEAT THE ABOVE!
As I said, the air bag monitor is plugged into the car and the battery is connected, you have THREE ignition turn on events before the air bag monitor blows it's internal safety fuse. Once you disconnect the battery and have the module sit disconnected for 5+ mins, you then have another 3 turn on events. There no flash memory in these old modules. Once the module is disconnected from the battery and allowed to sit for 5+ mins, it no longer has any memory of it's past life.
Hope the above helps.
From what I've seen in the forums in the past 8+ years, I've seen a low success rate in fixing these problems. I don't have the time to hand hold to try to debug a specific problem. And, from past experience, if a person doesn't already know how to find a shorted or open wire, all the hand holding in the world from me doesn't help.
Sorry. Wish I could be of more help and more optimistic. However, I don't lie to people. I tell things as they are. If people want to have smoke blown up their *ss about how simple or easy something is, they should go somewhere like the mustangworld forums (is that ***** site still around?).
BTW: I assume that you've seen my web page (done back in the late 90's, looks like it, huh

):
Mustang 1992 Air Bag Diagnostic Codes
If you get an error that isn't on that web page, send me a PM and start the message with "Air Bag help 1992". And, I'll scan the pages and maybe offer some
quick suggestions. Like I did in:
http://forums.stangnet.com/770121-airbag-code-31-a.html
Note: In general
I do not reply to PMs! Sorry, I just don't have the time.