Really? That's odd I never heard of anything like that
Maybe a short in the passlock system
The Sercuity light is only supposed to come on when somebody is trying to punch the ignition lock, or the key being used is not the correct key for the cylinder inside the igntion lock. The secruity light will come on and the car with crank, but the fuel cuts off not allowing it to reach the engine, thus the car will not start. If the security light is flashing after the key is removed, it will flash for 10 min. then you can start the car correctly.
After a few years the key will wear down, and become 'loose' inside the ign lock. The security light will come on, but this usually happens while driving and isn't a big deal, but you will want a new key to be cut becuase there is a chance you could get stuck somewhere. I've have to have 2 more keys made up for my car in the 6 years I've had it.
Your problem is interesting though. I've never heard of a sparking, or arching sound like you are describing, I'm willing to bet that it is something to do with the ign cylinder. It could be bad.
It could be something simple too. Try looking at your plug wires. Push down on them and see if they are tight on the plugs and the coil pack, also check the main cable from your alternator to the coil pack. Just be careful and make sure the car is off and cool. Off becuase voltage from a car, isn't fun, and cool, becuase the plugs are near the exhaust manifold, and that is very hot after driving after a few mintues. It won't take much to see if they are hooked up, but if they aren't, feel a pop or click when they hook back up.
I don't know if this will fix it, but if your hearing arching or sparking, that would be the first thing I'd check, second the alternator.