Clutch is soft... posted by ukrdon2006 on April 30, 2012 at 08:14 AM
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at the slave cylinder as a possible leak/air entry point first. They eventually rust out. Good news is it is a quick and easy fix.
The drastic change you describe in the clutch feel indicates something has "given way", i.e. rusted through or broken in a sudden manner so slave would be a likely choice to investigate.