My son just bought a 2005 f150xl 4.2l and the steering wheel is off by about 90 degrees. It drives straight and no pulling. I look underneath and see no obvious issues. They previous owner said they hit a curb. Looks like the shaft goes straight into the rack & pinion, can this be reset or have to replace

 

Best to have a qualified shop check the entire steering system. Could be a bent part or maybe somebody already replaced parts and did only half the job..

Do the tires show any signs of unusual wear ? An alignment may be required.

 

We used to adjust the steering wheel position by adjusting the tie rod ends, it will require an alignment if you do this, a good alignment shop can take care of this issue.