My truck (see signature) has recently started over-revving when I release the clutch while taking off or changing gears. By over-revving I mean(since I'm sure I'm using incorrect terminology)that when I release the clutch and depress the gas pedal the RPM's continue to rise -sometimes up to 4k-5k- before finally winding down. During this over-revving period it's almost as if I have not released the clutch at all or as if I am bleeding it off very slowly.
It seems to be worse on some days and fine on others but I haven't been able to attribute it to anything in particular as of yet.
Where should I start? Does this sound like a clutch issue or something else?

Please understand that I am not a master mechanic but I'm not afraid to tackle a big job. I've also got friends and family with more knowledge and better tools who can help me as well.

It does sound like a cluch problem, do you smell anything?
What happens if you have a rolling start then give it gas?
To me it sound like it is slipping and you might need to replace it.

Another check for a slipping clutch is to go in 5th gear up a hill and hit the gas hard and see if the revs go up.

I don't ever smell the clutch burning or anything like that. The problem seems to present itself regardless of starting from a full stop or rolling start. Even happens while shifting gears up to 4th and sometimes 5th.
How difficult is a clutch replacement? How much can I expect to spend if I do it myself over having it done at a garage? As I said, I am not a master mechanic but so far on this truck I've done the water pump, timing belt, front and rear brakes, alterator, and some other stuff as well. I know this is a bigger job but do you guys think someone with my level of expertise could tackle it?

If I understand you right, you are saying that while in gear (any gear), moving or not, when you let your foot off the clutch pedal and try to get moving, the RPM's can rev up but not move the vehicle accordingly? A slipping clutch is a bit analagous to being on ice/snow in which you can gun the gas pedal while moving or still but the truck doesn't move accordingly (although in that case the tires are spinning on the ice).

If that's the case, you are probably due for a clutch replacement as the others have mentioned. Air in the hydraulic lines would have the opposite affect in which pushing on the clutch pedal does not release the clutch. There's always a chance the master or slave cylinders are sticking and not letting the clutch fully reseat again. There are no adustment mechanisms in the clutch system. How many miles does your truck have? When was the clutch last done?

If you do it yourself, you can get a complete clutch kit (don't get a remanufactured kit) from a local parts store for under $200. Make sure it comes with the clutch disk, pressure plate, throw-out bearing, pilot bearing, and plastic alignment tool. Regarding tools, you'll need a tranny jack, or a floor jack with some bracing to cradle the transmission/transfercase to lower them down. You'll need a torque wrench for putting things back together, and the pesky part of the job (for me) is removing the old pilot bearing. Also, remove the flywheel and have it resurfaced while it is out. Resurfacing will likely be around $30. Also get some locktite. You'll need it for the flywheel bolts and pressure plate bolts. My personal favorite clutch to use is the Centerforce Dual Friction set. While it's a bit more money, it's got a million mile guarantee and is great for those of us with larger tires etc, and the stiffness or amount of force it takes to push in the clutch pedal is the same as stock (I've installed 3 centerforce dual friction clutches).

While it's not hard, I wouldn't say I enjoy it either. The other part of the job that is a bit pesky is loosening the top two "tranny-to-engine-block" bolts. I end up using 3 or 4 socket extensions to get up there. On vehicles with body lifts, I can get to these 2 bolts from the engine bay.

I've never "roasted" a clutch, but have had a few fail due to old age and just start slipping as you mentioned (and there hasn't been any odor).

Thanks for all the great replies. Guess I know what I'm doing this Saturday.
My truck is just shy of 325,000 miles (Check my signature)on the original engine and transmission/clutch. I don't think she's ever going to die. Still running great(beyond the clutch slipping of course), not burning or leaking any fluids. Getting about 17-21mpg. Everything works except that my A/C compressor just recently died. I'll be replacing that soon as I can't bear another Texas summer with no A/C.

Just wanted to say thanks again to everyone who assisted me with this job... I was able to get the clutch replaced over the weekend (with help from my cousin). Definitely turned out to be a bigger job than we had expected but we got it done and the clutch feels great! No more slipping!

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Glad to hear it worked out for you.
Mike