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!
 
If you have smoke coming from your steering column you should definately stop driving it to find out where it is coming from. A bad power steer rack has nothing to do with smoke coming from the steering column. Best bet is that you have an electrical short somewhere causing the wiring to get nice and hot causing it to melt.
 
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?
 
I imagine something he did caused a short in the wiring and now you have a burned fuse. That could be related to what you are seeing in the steering column. If he ran a power wire directly from the ignition switch to provide power the cd player and its shorted that could be your culprit. I would doublecheck his wiring.
 
There was a FREE recall on Ford ignition switches. They overheat and sometimes catch fire. That burns up the steering column and sometimes the car interior. Since this is very old information, you may not be able to get the switch replaced for free anymore. The auto parts stores sell the switches for $13-$15.

Copy down you VIN number and call the Ford dealer nearest you. Tell them you want to see if the ignition switch recall for Fords & Mustangs was done on your car. They will ask for the VIN number & check it against the master database. If it isn't in the database, then you can schedule an appointment to have the switch replaced for free. The TSB is #95S28. They will not give the part so that you can install it. The rules of the recall are that they must install the switch to prevent any legal problems.