When I turn my steering slipps my steering wheel turns fast but my wheels won't turn and then they will engage and turn

Rack and pinion failure.

On a '78 that's called a recirculating ball steering.
And it sounds like it's worn internally and stripped.
Open the hood and have someone watch the steering shaft while you move the steering wheel.
The gear box may look something like one of these:

31324

Close visual inspection of the entire system may be in order, too.
Good luck!