Sounds like it's probably your rack. With the engine turned off, have someone turn the steering wheel back and forth while you look at the rack. If the input shaft to the rack is turning back and forth, but neither of the tie rods are moving in and out of the rack, it's bad.
This same thing happened to my rack a few months ago (except mine wasn't hanging up). I got one at the pull-a-part for about $20 and solved the problem. Plus as a bonus, the rack I pulled happened to be a sport rack so I actually got an upgrade!
Take a look at the rag joint. It's a round rubber thing at the steering joint just above where the shaft from the column meets the rack. It may not even be there if it's that bad. Replacement is fairly easy and the part is typically in the HELP! section at the local parts store.
I agree with the guy above I had the rag joint break on mine. Same results.
It could be the rack but that sounds a little more excessive and you would probably get some clunking noises along with it.
I will also say I have seen the bushings that mount the rack to the firewall go bad and you get crazy steering action but comes with a clunking noise. Hope something in this helps.