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Tips from the Tech Center:
"Ghost Crank" is normal on some 2003 Chevrolet and GMC models equipped with 5.3L V-8 engines.
The starter relay is not controlled directly by the ignition switch but by the Power Train Control Module on the following vehicles:
Chevrolet Silverado, Suburban and Tahoe
GMC Sierra, Yukon and Yukon XL.
The key switch simply provides an input signal to the PCM, which in turn, activates the starter. Once the relay is engaged, the engine will continue to crank until either the engine starts or until a preset no-start time limit is reached, even though the driver may have released the key from the "Start" position! General Motors advises that this is a normal condition, and does not indicate any defect. Also normal is a slight delay of about 0.4 seconds between turning the key switch to "Start" and the engagement of the starter relay.
Source: GM Technical Service Bulletin 03-06-03-001 | 
