On my '96, there is a lock cylinder in the column. If the key fits, the lock cylinder can turn from acc, off, run and start. Behind the lock cylinder is an electrical switch that closes the circuits to run the ignition and energize the starter motor.
If the key spins 360 degrees, I think something in the cylinder is broken, since the cylinder should have prevented it from turning more than the range.
The switch behind might be damaged now from the key turning past the normal range. It's just a hunch. My CD only goes back to '96. I had the cylinder out once because the buzzer won't stop. A small contact is broken loose... the contact that detects the key. I was amazed what the parts cost and told the parts guy to keep them, lol.
Here is the procedure for a '96 ignition switch remove & replace. Your 92 might be different.
Rotate ignition switch lock cylinder (11582) to the RUN position.
Disconnect the ignition switch electrical connector.
Remove the two screws retaining ignition switch (11572).
Disengage the ignition switch from the actuator.
Installation
NOTE: A new replacement ignition switch assembly will be set in the RUN position as received.
Adjust the ignition switch by sliding the carrier to the ignition switch RUN position.
Make sure that the ignition switch lock cylinder is in the RUN position. The RUN position is achieved by rotating the ignition switch lock cylinder approximately 90 degrees from the LOCK position.
Install the ignition switch pin into the actuator. It may be necessary to move the ignition switch slightly back and forth to align the ignition switch mounting holes with the lock cylinder housing threaded holes.
Install retaining screws. Tighten to 5.6-7.9 Nm (50-69 lb-in).
Connect electrical connector to ignition switch.
Connect battery ground cable. Check ignition switch for proper function, including START and ACC positions. Also, make certain that the column is in the LOCK position.
Install lower instrument panel steering column cover with screws.
Check with the guys over on TCA. They have saved me a lot of bucks on this car.
