problem is without fluid in it the rack will die too, so you need to loop the ends together and make sure it has fluid in the system. If your pas pump is run direct from the crank pulley just chop the belt, if it also runs the waterpump pulley you can't disable it that way otherwise the waterpump wont run!
Just how skint are you, I have a known good one 'in stock', £20+pnp sound good?
edit: if its squeeling are you sure its not just a slipping belt casuing you all this trouble?