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I was cruising the 2000 c5 around today, driving it pretty hard, not powershifting but very fast throws. As I was slowing down, I still had it in gear and without the clutch down its starts making a noise like rocks in a bucket and then proceeds to do it while the clutch was down. At a stop I put it in neutral and let go of the clutch and it makes the noise right before I release my foot. I was like 1/2 mile from my house so I put it in first gear and slowly try to give it some gas, it goes forward a few feet then jerks back. I turn the car off and back on and then try to put it in second gear but it is stuck, like the clutch was not releasing the shifter. I am able after a few minutes to get it into second gear and drive home and it only makes a few rocky noises on the way home. When I come to a stop again it makes the rocky noise as I let go of the clutch with it in neutral. I turn the car off for a few minutes and then start it back up, it doesnt make any noises when I press and release the clutch several times, so I put it into first and drive it around the corner going thru the first four gears with no noises. But once again when I stop it makes the rocky noises when I release the clutch in neutral and this time not as bad as before.
Let me also say I just put in a new c6 z06 clutch, bearings and slave cylinder, as well as a used torque tube in December 2008. Before I replaced the torque tube it was making noises that were similar, only I could not drive at all.
Jack it up and pull the inspection plate-if everything you can see looks and works ok,it definitely could be the pilot bearing-mine went out a short time ago,and it didn't make a whole lot of noise,but it was close to impossible to get into gear.
Don't let it go on too long,or it'll chew up the end of the propshaft.
I replaced the stock pilot bearing 2000 miles ago with a Kevlar bushing from Jegs-it's more tolerant of a less-than-perfect propshaft,and very forgiving of "alignment difficulties" during drivetrain reinstallation.
I've also heard good things about the oil impregnated bronze pilot bushing from others on the forum,and they're dirt cheap-just make sure it's solid bronze,not steel/bronze (it shouldn't stick to a magnet)
ALTHOUGH,in re-reading your post,you say it makes the noise when you release the clutch?
Do you mean foot off the clutch,in neutral?-if that's when you're hearing noise,it's not the pilot,sounds more like something in the torque tube.