The steering wheel does indeed suppose to lock.
When you go to 4HI or 4LO lock, you can "bind" the front tires in low speed tight turns on the pavement. It will feel kind of like bucking. If you have owned a 4WD before, it's the same thing as when you would lock any other vehicle in 4WD.
The truck is full time 4WD and only need to be in 4HI or 4LO lock when you are off-road or in snowy conditions.
If you suspect your odometer to be wrong, I believe you can take it to your dealer to get the actual mileage. The mileage is "stored" in 2 different locations.
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