1994 Camaro - security lock

My 1994 Camaro will not start when I insert the key. The security light in the dash starts blinking and the car wont turn over. It usually takes about 30 minutes for the car to crank. I dont know if the chip on the key is worn out or if something in the steering column is loose or worn out. Please help....

Possibly, the wire from the ignition to the vats key modulator is loose or broken. You can measure the resistance in the key with an ohmmeter by touching each side of the chip with the 2 leads. Then go to radio shack and find a 1/2 watt resistor which is close in value. Then get up under the dash and cut the orange wire from the ignition and splice the resistor into the two little white wires inside the orange wire....or call a locksmith and cough up $100.