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Pull key wait 10 seconds could be a dirty pellet on your key, a bad ignition, or up to and including the pre-cursor to the dreaded column lock issue. You should also search on CLB and Column Lock on the C5.
This could be a symptom of a larger issue and you should get it looked at. Consider ordering a Column Lock Bypass for your car from Corvettes of Houston if it is a 6 speed. Do you know if any of the recalls have been performed? Is your car an Automatic? All questions that need to be answered.
I am getting the same message and it is interesting that I am likewise seeing this message every "8" starts or so. I posted here this morning about this message that precedes a "Service Steering Column Lock" message - which if you get these two messages - the engine will actually SHUT DOWN. The manual says have it towed immediatley. The responses I have recieved for a resolution is getting a column lock bypass (CLB) installed. I am looking into it now.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.