Yep! sounds like the clockspring all right.
mediccummin,
Mine made the tell tale crunching sound before it went out and when it did, the air bag light came on and the cruise control quit working alltogether. Dealer replaced it, no problems at all. It was under warranty.
The clockspring is what supplies the contact for the air bag in the steering wheel and the cruise control . It's like the old slip ring in older autos that did the same thing but was replaced by a clockspring type contact that looks like a spring inside a clock that winds and unwinds as you turn the steering wheel. This type of contact is now used due to safety concerns with air bags.
It's located just under the air bag in the center of the steering wheel.
Hope this helps.
Phil S