I have a 2000 eclipse GT V6. When I sit at an idle and turn my wheel it makes my belt squeak and my power steering stop working. I figured maybe a loose belt... The belt seems to be decently tight. Any Ideas?

 

Try replacing it if it hasn't been done in a while.

 

So if I completely disconnect it (just take off the belt) and get my couple hp back would i have to worry about my steering components (rack) going bad? Or any other immediate dangers or problems with doing that?

 

I would put the belt back on any hp gains will be very minimal.

 

Have you checked your belt for signs of wear? Is that the original belt?...I would hope not, but you never know. It's probably time to replace it. If the belt happens to be in good shape, then check to make sure you even have power steering fluid in your reservoir.
One more thing, "seems" doesn't make me feel good about your method of checking tension. lol Check it for proper deflection. Also check the pulley for any signs of the rubber melting to it. Man, there's a lot of things to check for and eyeballing it is only the first minute's thing to do.
Does this happen when the car is cold or after its warmed up? It's obviously cold out now and those belts will harden until they soften up from the friction. So, tell us more

 

The belt looks new ( no cracks, still has writing on it, not shiny or anything bad). I doubt this is the original belt (i just got the car) but it looks pretty new. I have checked the PS fluid and it is full. Now to think about it I guess that some jackass could have put something besides PW fluid in there... The pulleys look beautiful. The only thing I connot check for sure is the tension. How do I check this. I mean when I check by hand the thing is really tight but Im sure thats not the right way. This happens all the time reguardless of the temp and/or how long the car has been running. Only at low rpms and when I am stopped (the hardest time for the tires to turn). Should i maybe suck the fluid out and put some fresh stuff in? Sounds like a cheap easy guess anyways.