Help I see smoke!

I was coming home from work today and I noticed an ever so slight smoke coming from my steering column. It just started happening today I guess but it seems to do it when I run my a/c wide open. If I turn it down one notch it doesn't seem to do it. However I know I need a new steering rack and pinion assembly also along with inner and outer tie rod ends and being smoke is just coming from the steer I wondered if that had something to do with it? Like maybe powersteering fluid being burnt and it just so happens to leak through when I put the a/c on high. I'm really at a loss on what it could be I was gonna take off the plastic components around the steering column here shortly to check for burning. My a/c still feels as cold as it usually does if thats any help on figuring it out. As for the smell of the smoke its got a leather smell or mild burning rubber? I guess I really dunno its very faint and smoke is coming out like a smoldering fire from the night before I guess you could say its very small and hard to see. Thanks in advance!

Ya the smoke is coming from inside the car. I took the covers off around the column and looked for burn marks and didn't see anything. Its a grant steering wheel I guess thats what its called so I don't have an airbag nor a horn.

Ya I looked at the other thread. I went back out and played a little more the only thing I really found was a group of wires all tie wrapped together tight enough to leave grooves in the wire insulation. I started the car and let it run for about 20 minutes and those wires were to hot to touch comfortably. So I cut tie wrap and seperated the wires to givem a little air space. I'm just gonna leave the plastics off the steering wheel on my way to work tommorrow and monitor the area closely. Hopefully it was just smoke coming from the tie wrap due to the heat. I'll keep you guys posted and thanks for the quick replies on what to do. Oh and as for other electrical issues yes I am having them but it was before I noticed this. A friend of mine installed a cd player for me and it just so happened the same day my dash lights,fog lights, and the lights for the transmission hud don't work now. I wouldn't think the cd player would be in relation to those but I don't think he used the adapter to where everything just plugs together. Maybe a bad crimp? or crossedwire could cause this?

Thanks jrich I'll get on it tommorrow and get this thing fixed a.s.a.p as for now I'm driving with all the plastics around the wheel off pretty much to give it that really trashy look and keep me safe somewhat.