Chances are that the clock-spring is bad. But, you need to read the code:
http://www.veryuseful.com/mustang/tech/airBag/airBag92.html
DIAGNOSIS AND TESTING
The diagnostic monitor is responsible for monitoring the air bag system components and connections. A fault code will be displayed when the ignition switch is in the RUN position and the diagnostic monitor detects a system fault. Certain faults may not be displayed until approximately 30 seconds after the ignition has been switched to the RUN position. This is the amount of time required for the diagnostic monitor to test and verify any and all system faults. The codes are produced by a series of air bag indicator flashes. The fault codes are represented by a two digit decimal number. The two digit fault code will be displayed in the following manner: Flash tens digit, one second pause, flash ones digit, three second pause, repeat cycle. For example, a fault code 32 will be displayed according to:
flash flash flash, one second pause, flash flash, three second pause,
flash flash flash, one second pause, flash flash, three second pause . . .