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Telk, the key buzzer circut is very simple but yet complicated. The buzzer is in the horn relay that is located on the drivers front inner fender. The buzzer is activated when the key is in the ignition and the drivers door is open. The pin switch located on the drivers side post, where the hinges are, is the path and 1 trigger for the buzzer. The ignition switch or lock and cylinder on the culumn has a very fragile and hard to find and $$$$$ switch that is only activated when the key is fully inserted into the switch! Hope this helps. Thad
In addition to this good information, you might want to look in your GM Service Manual. My 72 Service Manual has a good description and troubleshooting diagnosis section. It helped me identify and fix my key buzzer.
Gary
ps, go too http://www.corvettefaq.com and look up steering. Jim Shea has some wonderful diagrams, schematics and repair advice on steering related issues.
Before you buy a new horn relay, remove the old one and gently pop the cover off yours (use a fine flat blade screwdriver to bend up one tab on the relay cover and remove the cover). You'll see a small set of contactors in there (they'll look like a set of ignition points). Use VERY fine sandpaper, slip it between the contactor pads and clean them off. Use an electronic spray cleaner sparingly to clean the entire assembly before reinstalling the relay cover (try not to spray the fine wire coil). Also, remove your door jamb switch, test it and the circuit. Clean the existing switch and plug connectors or install new as required.