I have been fishing at a sand pit that has walleye, bass, and catfish that I know of. I was using a spinner and getting bits every cast. The problem is I have not been able to set the hook. The fish hit the spinner and the rod bends and the drag just starts goin crazy while the fish is taking off then all of a sudden its off. This happens to me all the time when I fish at this pond and I can not figure it out. Any suggestions on what I should try?

When you say a spinner what kind do you mean? An inline spinner? safety pin spinner? What rod/reel/line are you using? My best guess would be either too light or too heavy gear that is either not driving the hook well or is ripping the hook out but more info will make it easier to determine the problem. 

I used several inline spinners I bought at wal mart. They said that they were for walleye. I am using a 7 foot Shakespeare ugly stick with a Shakespeare bait cast reel. I have spider wire ultracast ultimate mono 8lb for my pole.

Personally with inline spinners, I don't do a very hard hook set.  The fish mostly hook themselves and I just give the rod a little sweep to the side and keep the pressure on.  Someone with a little more experience than me may have a different opinion though.  You say your drag goes crazy when they hit.  Maybe it's set too loose?  Have you tried tightening it?

Try what Tuckahoe Joe said, tighten up that drag!  During that strike period you feel they should be hooking themselves, not pulling drag.  If your drag is tight, what I do with my baitcasters while setting the hook is apply some pressure to the spool with my thumb.  Not enough to rip lips, but enough to get a firm hookset without cranking up my drag more than I'd like.

I wouldn't be throwing an inline spinner on casting gear... If that is all you have from a rod/reel standpoint I would try different baits, there are plenty of baits that will produce more hits than the inline spinner and you may have an easier time setting the hook...

A spinning rod with a faster action would probably help you set the hook a lot better and a spinning rod would fish an inline spinner a lot easier than a casting combo unless you're fishing a heavy inline spinner. It does sound like your drag is too loose also and not allowing you to set the hooks properly. 

Are your hooks sharp? Inexpensive baits usually come with dull hooks that won't sink in even a with a good hook set. Make sure to have a hook sharpener and use it.

Drag..........

definately the drag, it seems like its way too loose as others have said. if fish are pulling out drag from the get go then thats enough to tell me its too loose. tighten it up some and try again. youre not getting enough pressure to set the hook because the drag is too loose...

Tighten that drag!