slave cylinder

This is an annular hudraulic throwout; probably, your rig came from Dennis Quella at PPC in Colorado. These work very well, but are extremely critical in setting up the free play (a pair of internal threaded jam-nuts). Too little free play will cause the hollow hydraulic piston to spin, resulting in rapid failure of the quad-ring that seals the unit. Quad-rings are only designed for linear motion. I have seen several failures of these, alway due to inadequate free play adjustment. The bearing itself is removable by digging a tiny rubber o-ring out from the recess between the mechanism and the front of the bearing race. The bearing assembly then pulls off with finger pressure & can be replaced. Unless you got a boxful of stock parts with your car, you REALLY don't want to know the cost of restoring the thing to the stock throwout arrangement!