What does this wire actually do? in particular or is it just an engine to body connection? I found it hanging off on top of the bell housing not connected and I found the spade it goes to. I didn't notice anything different so i was just curious as to what its function is.

 

it grounds the engine to the body. it's important, you should plug it back in. If it's not hooked up that means it's grounding through something else that it's not supposed to like coolant.

 

I hooked it back up as soon as I noticed it missing. I havent been fooling around back there at all since I bought the car so I imagine it has been this way for a while.

 

Any chance of getting a pic of the wire you're talking about? I just found a plug and a lil black box with an eyelet but I can't figure out where either goes.

 

That's the condenser for the oil pressure gauge. It attaches at one of the slave cylinder bolts, and is only there in the event that the gauge fails (so it doesn't fry itself).

 

Thanks. Btw, sorry to thread jack.