steering wheel lock-help asap

I was driving a '94 volvo sedan not belonging to me. It was raining very hard, and as I slowed down and hit a deep spot of water on the road, all at once every warning light on the dash lit up and my steering wheel locked up to where I could barely turn it at all. I was right outside my driveway, so I haven't done anything about it yet.

The engine will run fine, it will go forward and backward without incident. The problem remains, however, that the steering wheel will not turn period unless in motion-and then it's only slightly moveable. What's up-do I just need to let the car dry out? btw the car i have listed in my info is not accurate.

Sounds like the power steering is out.