Brush the wood stripper onto the steering wheel following the directions on the packaging. Most applications use a paintbrush to apply the stripper to the material. Allow the stripper to set on the steering wheel so it penetrates into the wood.
Rub stripping pads over the surface of the steering wheel to pull up the existing finish. Rub the pads over the steering wheel in a manner similar to sanding while paying close attention to the corners and grooves. Clean the steering wheel with soapy water and a sponge to remove any residual chemicals.
Fill any cracks or crevasses with a stainable wood putty using a putty knife to press the material into the cracks. Drag the putty knife over the surface of the cracks to smooth out the top of the repair.
Sand the steering wheel lightly with 220-grit sandpaper to remove any rough spots or raised areas.
Apply a wood lacquer or stain over the steering wheel. A stain that incorporates a lacquer provides the color desired while finishing the steering wheel with a high-gloss sheen.