I don't have my spare key and lock cylinder here, but it sounds to me like the lock cylinder (996 347 917 00) has slid upwards and is not engaging the slot in the steering lock housing... so it is free to spin. I'd remove the cylinder and lubricate the latch at the bottom of the cylinder that holds it in place in the housing then push it back in place. This latch is operated by the piece wire used to remove the cylinder.
The pelican article mentioned above shows how to remove the ignition key (lock) cylinder.
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Grant
Arctic Silver 2000 Boxster S - bought with a broken engine, back on the road with the engine replaced
Green 2000 Boxster 5-speed and 1978 928 auto
1987 924S 5-speed (Sold) - Blue 2000 Boxster 5 spd (Sold)
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