AHA! Some things are never as they seem!
I can't imagine the dist shaft is cracked but having an intermittent spinning of the rotor certainly indicates that either the roll pin that Bill mentioned or the gear on the dist shaft itself has failed.
The gear should come out when you pull the distributer. If the pin has failed, the gear will still be on the shaft and should come out with no problem. If the gear itself has failed - no telling - you will have some of the gear still on the shaft and possible other parts of it...elsewhere. Note that if ANYTHING has failed - pin or gear, there may be bits and pieces - hopefully (and probably) in the oil pan where they can't hurt anything anyway.
The other possibility is, as mentioned, a failure of the cam gear itself. This seems unlikely but it is possible. As Bill stated, watching the rocker arms go up and down will tell you if that has happened. You might as well do that first because if that happened, the distributer itself is likely OK.
In any case, since the distributer rotor hasn't been turning properly, the engine is now totally out of time with the ignition no matter what happens from this point on (whether you put in a new dist or not) so you have to set it up statically. I apologize if you know all this...
The firing order for a GM v8 of the era used for these engines is 18436572. The cylinders on the engine are numbered 1357 (front to rear) on the left AS YOU FACE IN THE SAME DIRECTION AS THE ENGINE and 2468 (From front to rear) on the right. Check the service manual to ensure this is correct. Fairly recently, GM changed the firing order but it should not affect your engine. The dist cap will probably show a #1 next to one of the terminals. This is where the spark plug lead to the #1 cylinder attaches. If it doesn't show #1, it doesn't matter, put #1 wherever you want it! The rotor in the dist spins clockwise so following #1, the rest of the sparkplug leads attach to the cap clockwise in their firing order.
Before you put the dist back in, rotate the engine so that #1 cylinder is coming up on the compression stroke - you can determine this by removing the spark plug, placing your thumb over the hole, and having someone rotate the engine clockwise AS YOU FACE THE FRONT OF THE ENGINE with a breaker bar and socket on the harmonic balancer bolt. As you feel pressure on your thumb, you are on the compression stroke. Rotate the engine so the timing mark on the balancer is at the 5 degree mark before top dead center on the timing tab. This will be close enough for now.
Observe where the dist cap will fit on the dist - note where the #1 spark plug terminal will be in relation to the distributer housing - put a mark on the side of the dist housing. Put the dist rotor on the shaft. When you lower the dist into the engine, arrange for the rotor to point at the mark you made on the dist. This means that when you put the cap on, the timing will be in the ballpark - close enough to start and run well enough to actually adjust the timing to spec (as found in the service manual) with a light.
Let us know what you actually find!!!!
Good Luck and best wishes for a CHEAP repair!