TL*THE CONTACT OWNS A 2004 CHEVROLET CORVETTE. WHILE DRIVING 40 MPH ON SLICK PAVEMENT, THE TRACTION CONTROL WARNING LIGHT ILLUMINATED FOR APPROXIMATELY THREE SECONDS AND THEN DIMMED AT ONE POINT, THE CONTACT DEACTIVATED THE TRACTION CONTROL IN ORDER TO CONTROL THE VEHICLE. SUDDENLY, THE VEHICLE LOST COMPLETE POWER, AND BOTH THE REAR DRIVER'S SIDE WHEEL AND STEERING WHEEL LOCKED UP. THE VEHICLE STRUCK THE MEDIAN ON THE REAR PASSENGER CORNER PANEL AND SPUN AROUND SEVERAL TIMES. THE CONTACT HAD BEEN EXPERIENCING ISSUES WITH THE VALVE STEMS LOSING PRESSURE. HE REFERENCED NHTSA CAMPAIGN ID NUMBERS 04V273000 (STEERING LINKAGES) AND 04V060000 (STEERING: COLUMN LOCKING:ANTI-THEFT DEVICE). THE CONTACT HAS PICTURES AVAILABLE. A POLICE REPORT WAS FILED. THE CURRENT AND FAILURE MILEAGES WERE 55,000. UPDATED 10/14/08 *BF UPDATED 10/23/08. *JB