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Yes its risky. Dont drive with that noise from clock spring.Its indication of its failure. I believe this is the "clockspring" -- the electrical cable inside the steering column that connects your steering-wheel-mounted electrical controls to the rest of the car. ("Controls" used be just the horn.) The cable wraps around the steering column so it can turn with the steering wheel. Sometimes it starts to rub and squeak.
Disconnect steering column down by brake pedals and turn wheel with steering disconnected.....if squeak is still there its in the upper steering column bearings...squirt silicon spray down the top tube [below the steering wheel] until it runs out thru the tube lower bearing. P.S dont forget to reconnect the steering!!!
There is a TSB for your complaint from Saturn: Here's the jist of it.
Condition: Some customers may comment on a squeak or squeal noise coming from the base of the steering column while turning vehicle. Cause: The squeak or squeal noise may be caused by insufficient lubrication of the intermediate steering shaft-to rubberboot- contact area. you may be able to get it warrantied through saturn. this is the TSB # #03-02-34-002