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If the belt and fluid levels are correct there is a good chance it may be a bigger problem. The power steering pump may be the fault. At lower speeds a worn pump isn't turning fast enough to push enough fluid. When you REV the engine your speeding up the pump pushing more fluid. Get the pump checked. If that's ok your possibly looking at a problem with the rack itself. ($$$ Ouch!).
transmission fluid "bleeding" internally at low clutch piston,when fluid leaks past the piston seal there is not enough apply pressure for the drive clutches to apply,sometimes depending on size of leak you can rev the engine to build up enough pressure to apply drive hope this helps good luck
Most likely an air leak/vacuum hose problem. There could also be an issue with the throttle body base gasket. The 4.3 engines are known to rev a little high but a small air leak can make them rev really high when they should not.