Just a quick video on how I replaced a spiral cable a.k.a. the clock spring on a 2008 Toyota Matrix. The ABS Light was on, and the dealer told the owner that he needed a new spiral cable for around $620 installed. This is the same as many other Toyota models, and should be the exact same as the Toyota Corolla. Pretty easy job, just make sure to disconnect the battery before working on or around the airbag.
Tools needed:
T30 torx bit
small flathead screwdriver
No.2 Phillips screwdriver
Steering wheel puller (may not be necessary)
10mm wrench to disconnect negative battery cable

First, disconnect the battery using the 10mm wrench.  Next, using the T-30 Torx bit, you can remove the two screws that hold the airbag in place.  Once you have loosened the airbag, you can disconnect the orange and black connectors form the back of the airbag by prying out the small yellow inserts with a small flathead screwdriver.  Now, make sure that the steering wheel is straight, and that the wheels are straight as well before removing the steering wheel.  The steering wheel is held in place by a 19mm nut which you may need a breaker bar to remove.  Now, sometimes the steering wheel will come right off, but if it doesn’t, you will need to use a steering wheel puller as shown in the video.  Then, you will need to disconnect the small green wire by removing the black connector shown in the video. (I think that it’s the horn wire).  Now you can remove the plastic covers on the top and bottom by unscrewing the phillips screws that hold them in place.  ( I took them off before taking off the steering wheel in the video, but it’s easier to take off the steering wheel first.)

Now, you can unplug the wires from the clock spring.  There’s a little trick to the yellow clip.  You have to push in the side of it before it will come out.  (the video shows this as well).  There are just three clips that hold the clock spring in place, two plastic ones on the bottom, and a metal one on top.  Carefully pry these outward to release the clock spring.  Now you can put in the new spiral cable / clock spring.  Just clip it in place and connect the wire connectors at the bottom.  Then, you can replace the plastic covers and the steering wheel.  I am not sure about the steering wheel nut torque, please check your manual for that.  Then, you can connect the green wire in the black connector and reconnect the orange and black connectors on the back of the airbag.  The airbag can be put back in place and the T-30 screws can be put back in as well.  Now, you can reconnect the ground cable on the battery.  Just remember to test to verify that everything is working properly before driving away.

Here’s the link to the part I used: