recently inherited a 1996 Grand Am
why does the key not release?
if i wait 10 minutes or so it will come out.
is there a problem with the ignition switch, the antitheft lock?

I had the exact same problem with my 96. It is very annoying.
The only thing I could come up with was perhaps a park switch (if there is one). Mine would seem to release if I slammed it into park (now that was only sometimes).
What did seem to cure it was when I removed ... I think it was the pcm fuse (not too sure again) while the battery was on. That was an accident but I never had the problem again.
I've since then ditched that car on an unsuspecting dealer out of province so I no longer think about it.

I had the same problem with my 97. It was so bad that I had all of the trim off of my steering column for 3 days as i drove around just so I could mess with it when the key would not release. In the end I got severely pissed and took a pair of pliars and forced the stupid thing to turn back like it was supposed to. There was a 'snap' and it turned back and the key came out just fine.....worked perfectly ever since and seems to have caused no adverse damage. Its been about 7 months since I did that and I'm glad I did lol.