I took the car for a nice drive on some windy roads this evening. As I pulled into the driveway at home I noticed that I had bits of leather from the steering wheel on my hands. Some of the outer coating is cracking and slowly rubbing off. Its only an annoyance right now, but still worth me asking about it.

Is there an easy/cheap way to clean up the wheel?

If I opted to replace it, what do I need to look for and be careful about? I know I'd need a newer '91 and up wheel(b/c of airbag). I'm under the impression that I could use my existing airbag which would lower the cost for the actual wheel if I find one where the bag did explode-- right?

I know I could get aftermarket wheels, or retrofit an E46 wheel, which all sound interesting but I like the feel of the OEM wheel and at this point don't feel the need to "upgrade".