That sounds like the power steering pump is shot,

Or no fluid in it,

Which will kill it.

I'll listen later, but my first guess would be the crank pulley, which are know to break up on these. Have a look and see if the area is covered in rusty dust - if it's bad you may find shards of the pulley around the place. If it is that, then best not to run it, as the aux belt can be shredded and pull the timing belt off, which is not a good place to go (although it doesn't require decapitating the engine to put it right....)