The problem is that there is a glitch where the computer thinks that the steering column is locked when you have the key on and it is not really locked.
GM had issues with a few steering columns locking while people were driving their cars so they had a recall done. To the best of my knowledge, this involved disabling the pin that locks the steering wheel, installing a wiring harness (K-harness, because it is shaped like a K) that does something else and programing the ECM to cut fuel to the engine should it think that the steering column is locked when the key is on and the car is traveling over 2mph.
The has left many people stranded and has been blamed on things such as a low battery, etc. When this happened to me I tried pulling fuse #25, waiting 10 minutes, putting it back in, pulling fuse #10 and waiting, disconnecting the battery and charging it up, blah, blah, blah. The best thing to do is to order and CLB or Column Bypass Lock from Corvettes of Houston. This eliminates the K-harness that GM put in during the recall and sends a signal to the computer to tell it everything is great with the column when start your car. I also had a tuner increase the 2mph fuel cut off to 256mph so that if the CLB ever failed and I got this error code again, I would not be stranded.