Dangerous? Very possible, if you consider your steering column separating & having zero control of your steering. That is just a worst case scenario. Don't get in a panic. I drove like that for almost a year. Mine was BAD.
My car failed inspection because of my floppy column. He got in...flop,flop,flop....Got out. "Sorry, can't inspect it like that."
6 hrs & $100 later the next, I had mine done (at a shop). He said 1 of the 3 bolts, was only in by like 2 threads! Materials are practically nothing. Its the labor & special tools needed to do it, are whats expensive.
There are other articles about this, but this was the easiest for me to find.
http://www.thirdgen.org/steeringcolumn