Sounds like the Release Bearing (TO Bearing) is shot.
I wouldn't wait to long on this, as it may already be damaging your pressure plate.
If the clutch is fine, you could just replace the bearing. Although it does require removing the trans, it's not a horrible job. I would only replace the primary clutch item if -
a) It was already at a known high mileage
b) Upon inspection, I determined it 'needed' replacement