I wake up this morning and start my 92 ls400 and all the lights in the cluster stay on and my power steering is gone. The steering wheel is really hard to turn. i figured it needs to warm up. so i let it do that then lights go off and steering works. I figured problem solved. WRONG!!! Later that say as i get off of work the car does the same thing when i start it up. the only diffrence is that there is a loud noise like a belt is loose and it smells like something is burning and then all of a sudden it stops. All noises and lights go away. This really freaked me out. I do not want to have major repairs done to this car before Christmas comes around. Can someone please help me with this.

 

Sounds like you have a frozen pulley somewhere, and your drive belt snapped. Might be your tensioner pulley (cheapest one to replace) or your AC compressor pulley (least likely), or fan clutch, but most likely its either your power steerig pump pulley or alternator pulley. Most likely you will need a new alternator or power steering pump, neither is too expensive, but I suggest using OEM parts.