That's pretty odd. I would recommend taking off the top and bottom plastic covers on the steering wheel base to see if that gives you some more info. Three Phillips screws from underneath and pull the bottom part off and then pull the top part off being careful to work around the ignition cylinder.

 

I've yet to have to do much in that area, but it sure sounds like a roller bearing has failed (the bearings in a roller bearing are small, silver cylinders). I'm betting that if you contort yourself enough to be able to look up at the steering column (after removing the dash panels underneath the driver's side dashboard), you'll see some "unusual" play in the column as you crank it back and forth, and that the source of those rollers will be obvious.