The belt is slipping. May have a loose belt, may be a glazed or stretched belt, may have a leaking fluid on it.
Have someone turn the wheel while you watch it and see if anything is obvious.
If you decide to replace the belt, spin each pulley to make sure it isn't anything seizing. Pullies should have no resistance or roughness.
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Sunday, April 20th, 2008 AT 9:57 AM