Questions About 1994 Ford Taurus

Sounds like the power steering might be acting up. I sure wouldn't drive a car like that.
Could the "waterfall" noise be part of the A/C system? My 95 Sable with climate control makes a deafening roar when the car is started and the A/C starts cooling down a hot interior. It quiets down pretty soon, though.

OOOoooo..... That "seize"-ing thing would worry me... I'd say the rack. But first I'd flush out the power steering fluid real good. It could also be the pump starting to fail. Flush it out good (first) to see if that improves/corrects the problem.

The "waterfall" noise... since it's coming from the steering wheel/speedo area, may be the upper section of the speedometer cable (if this is only when you're moving.) The easy check would be to disconnect it at the mid-section joint just behind the engine. Then drive it and see if it went away.

Thank you very much !!!

Regarding the steering wheel "seize"-ing thing, I will flash it as you suggested, and I think you are right that it might be something like a pump is on the way out. I think that because today, when I put car in drive, before releasing break pedal, I could hear buzzing noise coming out from engine area. When I released the breaks and started moving, noise gone.

Regarding "waterfall" noise, it is actually happening when car is moving and possibly has to do with the speedometer cable. How this annoying noise can be fixed?

Depending on which transmission you have you may or may not have a speedo cable. My 94 made the noise when it was still under warranty and I would have sworn it was a mechanical cable making the sound. I took it in and that's when they told me it was the electronic unit and they changed it out.

Good Luck