The steering column has a shaft in it with a spline. The steering wheel has a matching spline. If the bolt wasn't attached tightly, I could imagine it wobbling loose which would let the steering wheel jump on the spline. I wouldn't just tug on it to test it as you could damage the airbag wires if you simply try to pull it off. This situation is bad.

You would need a big shift in the steering linkage to get that much rotation of the wheel. Hard to imagine without hitting something hard that you ought to remember.

Good luck. I would second the comments that it is not safe to drive like this.

__________________
David.X5
2001 X5 4.4i Sport
SOLD! at 160k miles