A throw out bearing goes in between the pressure plate forks and clutch arm. Since the pressure plate rotates it needs a bearing between the clutch arm and the pressure plate forks. When you press down on the pedal the arm pushes on the throw out bearing which pushes on the forks and thus releases the pressure off the clutch plate.
Sounds like it could be a bad throw out bearing. Not sure how bad it is but definitely should be replaced sooner or later.
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