A lot of play in the steering wheel

I just recently bought this vehicle off of an individual and got a pretty good deal, but now I am starting to notice a few little things that need my attention. Well this go around it is the steering wheel/column, it has a lot of "play or for lack of a better word "no steer and it can be quite dangerous at times. I was told about a bolt located in the engine compartment down by the steering box that was some sort of a two-way bolt that could be turned and the problem fixed. I am okay when I comes to working on vehicles but figured I would find out a little more before I dive head on into this one, if for anything, so my wife does not end up driving off a cliff. Any help with this would be greatly appreciated.