If it's stripped and just hanging there, something tells me that a previous owner was testing and didn't clean up his mess. One of my Ranger's POs had this same nasty habit. Drives me nuts!
Anyway, you can find a clockspring at a junkyard. I'm assuming it's a 2001 because of your sig (might want to update your ranger info at the top right). You can take a clockspring from an explorer 95-01 and put it in. My father did this when he changed his 03's non-tilt column to a tilting column. Just be careful that it doesn't spring apart at you. They have a nasty habit of coming apart.
I'm fairly certain you can get a clockspring from just any expo, or ranger for that matter. For his 03, I believe we pulled one from a 98..... Well, the entire column assembly but you get the idea.
Swapping the entire column isn't necessary in your case, but for his, this column was tilting.
As for the stray wire, snip the copper off and wrap the end in some black tape to keep it from shorting anything out.