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So over the past few weeks, I've noticed that whenever I've been driving for more than 10 mins, spirited or not, my car smells like burnt clutch when I arrive. I've also noticed a small noise whenever I'm taking off or the engine is under load. It sounds like metal on metal, or a bit of a grinding noise. It started very faint, but its getting louder gradually. The noise disappears whenever I disengage the clutch to change gear, only to return when I take my foot off the pedal.

I'm thinking that my clutch is probably on its way out, but I've no idea how long it will last. I'm going to the sprints at QR in a week, and if there's a real possibility of me killing the clutch completely on the track I'd rather rethink it. I've read that its about $800 to $1k to get a clutch replaced, which I can't afford. And I don't have the time to do the job myself until uni holidays arrive.

So after that rather long-winded intro, I've got a few questions:
How likely is the possibility of clutch failure if these symptoms have been occurring for about a month?
If the clutch needs replacing, what clutch replacement kit should I get, and what tools am I going to need to do the job? I'd rather not start if I'm going to find out I don't have the tools I need. I've got a Haynes manual, but it doesn't make mention of what tools are necessary.

I used this write up its quite good, gives you an idea of what you need and whats involved.

http://www.miata.net/garage/clutch2.html

if your worried then baby it till you can get it replaced. no trackwork.

time to upgrade to a heavy duty clutch. heavy duty organic Xtreme Clutches are good, Aussie made & just as good if not better then the likes of Exedy etc (plus a bit cheaper too).

Kain having the Haynes is a very good start - most Haynes manuals give you general info including what tools you need ( for working on cars) - refer to the front of the book. If you are going to do it yourself and if you have little hands on knowledge maybe someone can come around and give you some advice. You will need a trolley jack or 2 and adjustable axle stands a trouble light, torque wrench - and a friend may loan you some items.Ideally a garage and sealed floor and cardboard to keep things clean. It is also possible to make up a holding jig to go on to a jack to assist in lifting or lowering the gearbox or another pair of hands and strong arms. It does sound like the clutch is well on its way to oblivion- would not consider any hard driving. Replacement clutch has to suit your style of driving and intended purpose.

It doesn't sound like a good scenario you've got there - I'd stay away from the track (or much driving at all) until you get the g'box out and have a good look at things. The metal on metal sound could well be the clutch lining rivets, against the flywheel... If you are at that stage, the clutch is well and truly buggered, and is only doing further damage the longer you let it continue.