How do I override the Passlock System on my 1996 Chevy Lumina?

Our 1996 Chevy Lumina LS 3.1 will not crank.
Background - key broke in ignition about 2 years ago but still starts with no issue, replaced battery March 2010, replaced starter June 2010
Now she won't crank - security light is flashing
Jumped the starter and she turned over but the fuel pump stopped within seconds.
Everything I have researched points to the Passlock II system failing.
The car is not worth taking it to a dealer to have this replaced - she has over 263,000 miles on her.
I was wondering what the easiest way to override that system would be and a detail of how to do it.
 
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