It depends on whether it is an interior or exterior slave cylinder. Interior takes about 4 and 1/2 hrs while an exterior takes 1 and 1/2. approx.
No you don't have to drop the transmission in order to replace the slave cylinder, but be careful because it can easily be stripped.
unbolt from bellhousing and replace with a new one
If you need to replace the slave cylinder it is located in the bell housing and the trans has to be removed. The clutch master cylinder is located on the firewall on the drivers side
It varies with what area of the country you live in. Call a couple of local garages for estimates. Are you sure it needs to be replaced? I have a 1995 Ranger and the slave cylinder leaked until I was left with no clutch movement. I refilled the reservoir and bled the slave cylinder until the fluid ran clear. At first, the fluid was black, but after a while the fluid cleared up and I never did have to replace the slave cylinder. Try bleeding the cylinder first, and see if that fixes the problem.
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Bolted to the side of the transmission bellhousing.
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There is no shift solenoid. There is a Master and slave cylinder instead. Master slave cylinder is bolts underneath the Brake Master cylinder. The slave cylinder is here: http://www.youtube.com/watch?v=AtrTcX8wym8 Video provided by Richpin :) -RC-
Pay someone to do it.
Top driver side of the bell housing.
No, you cannot.