My steering wheel can move in all directions while it is locked in place. I took the wheel off and it looks like the movement is in the upper shaft where it connects to another shaft in the column. I dont know if this is a hard fix or not but the steering column looks pretty complicated so... by the way I have a 96 xlt 4x4 supercab with a 302 and tilt steering wheel if that helps.

 

Sounds like the tilt knuckle may have gone on you. Without a little more information it is kind of hard to diagnose the problem. Might be best to snap a picture and explain what the problem is.

 

I have replaced alot of these steering colums.. its a breeze todo.. You can prolly find one for around 50 bucks... I just bought a spare one for my 93 a couple months ago

 

I have a non tilt column and I am having the same problem.